<SEC-DOCUMENT>0001292814-24-002096.txt : 20240515
<SEC-HEADER>0001292814-24-002096.hdr.sgml : 20240515
<ACCEPTANCE-DATETIME>20240515172306
ACCESSION NUMBER:		0001292814-24-002096
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240515
DATE AS OF CHANGE:		20240515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBEV S.A.
		CENTRAL INDEX KEY:			0001565025
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		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:		24952668

	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>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>abevitr1q24_6k.htm
<DESCRIPTION>FORM 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 May, 2024</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 13pt Georgia, Times, Serif; margin: 0"><B>financial statements at<BR>
March 31, 2024<BR>
and report on review</B></P>


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<P STYLE="font: 13pt Georgia, Times, Serif; margin: 0"><B><IMG SRC="image_001.jpg" ALT="">&nbsp;</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">We have reviewed the accompanying interim consolidated balance sheet of Ambev S.A.
and its subsidiaries (&quot;Company&quot;) as at March 31, 2024 and the related interim consolidated income statement, comprehensive income,
changes in equity and cash flows for the quarter then ended, and notes, comprising a summary of material accounting policies and other
explanatory information.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Based on our review, nothing has come to our attention that causes us to believe
that the accompanying interim consolidated financial statements referred to above is not prepared, in all material respects, in accordance
with IAS 34.</P>

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

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">S&atilde;o Paulo, May 15, 2024</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Georgia, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">PricewaterhouseCoopers</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">Auditores Independentes Ltda.</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">CRC 2SP000160/O-5</P></TD>
  <TD STYLE="vertical-align: middle; width: 50%; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">Sergio Eduardo Zamora</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">Contador CRC 1SP168728/O-4</P></TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 9pt/97% Georgia, Times, Serif; margin: 0">PricewaterhouseCoopers Auditores Independentes Ltda., Avenida Brigadeiro Faria
Lima, 3732, Edif&iacute;cio B32, 16<U><SUP>o</SUP></U></P>

<P STYLE="font: 9pt/97% Georgia, Times, Serif; margin: 0">S&atilde;o Paulo, SP, Brasil, 04538-132</P>

<P STYLE="font: 9pt/97% Georgia, Times, Serif; margin: 0">T: +55 (11) 4004-8000, www.pwc.com.br</P>

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


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

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

<P STYLE="font: 8pt/107% Avantt; margin: 12pt 0 0; text-align: center"></P>

<P STYLE="font: 8pt/107% Avantt; margin: 12pt 0 0; text-align: center"><B>CONTENTS</B></P>

<P STYLE="font: 10pt Avantt; margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="width: 90%; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>INTERIM CONSOLIDATED BALANCE SHEET</B></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 5pt">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>INTERIM CONSOLIDATED INCOME STATEMENT</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>1.</B>&nbsp;&nbsp;&nbsp;<B>CORPORATE INFORMATION</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>2.</B>&nbsp;&nbsp;&nbsp;<B>BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>3.</B>&nbsp;&nbsp;&nbsp;<B>SUMMARY OF MATERIAL ACCOUNTING POLICIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>4.</B>&nbsp;&nbsp;&nbsp;<B>USE OF ESTIMATES AND JUDGMENTS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>5.</B>&nbsp;&nbsp;&nbsp;<B>CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>6.</B>&nbsp;&nbsp;&nbsp;<B>INVENTORY</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>7.</B>&nbsp;&nbsp;&nbsp;<B>RECOVERABLE TAXES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>8.</B>&nbsp;&nbsp;&nbsp;<B>INCOME TAX AND SOCIAL CONTRIBUTION</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>9.</B>&nbsp;&nbsp;&nbsp;<B>PROPERTY, PLANT AND EQUIPMENT</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>10.</B>&nbsp;&nbsp;&nbsp;<B>GOODWILL</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>11.</B>&nbsp;&nbsp;&nbsp;<B>TRADE PAYABLES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>12.</B>&nbsp;&nbsp;&nbsp;<B>INTEREST-BEARING LOANS AND BORROWINGS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>13.</B>&nbsp;&nbsp;&nbsp;<B>PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>14.</B>&nbsp;&nbsp;&nbsp;<B>CHANGES IN EQUITY</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>15.</B>&nbsp;&nbsp;&nbsp;<B>SEGMENT REPORTING</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>16.</B>&nbsp;&nbsp;&nbsp;<B>NET SALES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>17.</B>&nbsp;&nbsp;&nbsp;<B>OTHER OPERATING INCOME/(EXPENSES)</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>18.</B>&nbsp;&nbsp;&nbsp;<B>EXCEPTIONAL ITEMS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>19.</B>&nbsp;&nbsp;&nbsp;<B>FINANCE RESULT</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>20.</B>&nbsp;&nbsp;&nbsp;<B>SHARE-BASED PAYMENTS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">36</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>21.</B>&nbsp;&nbsp;&nbsp;<B>FINANCIAL INSTRUMENTS AND RISKS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">38</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>22.</B>&nbsp;&nbsp;&nbsp;<B>COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">46</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>23.</B>&nbsp;&nbsp;&nbsp;<B>RELATED PARTIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">47</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Avantt">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>24.</B>&nbsp;&nbsp;&nbsp;<B>EVENTS AFTER THE REPORTING PERIOD</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">51</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="color: #1555E5; font: 11pt/110% Avantt; margin: 0; text-align: justify"><B>INTERIM CONSOLIDATED BALANCE SHEET</B></P>

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

<P STYLE="font: 12pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Note</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">5.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12,844,524&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">16,059,003&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">5.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,077,190&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">277,164&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,260,569&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,741,457&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">281,974&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">378,049&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10,698,373&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">9,619,022&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,161,071&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,435,688&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,351,310&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,052,667&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>34,675,011&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>36,563,050&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">5.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">244,767&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">242,168&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,673&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">11,458,144&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">11,325,096&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">8.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,206,059&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,969,592&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,183,074&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,520,701&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">59,585&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">57,261&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Long term assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>21,151,629&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>21,116,491&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>296,046&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>289,063&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>27,626,093&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>26,630,156&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Intangible</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,699,872&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,041,733&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Goodwill</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>39,368,150&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>38,003,640&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>99,141,790&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>96,081,083&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>133,816,801&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>132,644,133&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim consolidated
financial statements.</P>



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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
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<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>INTERIM CONSOLIDATED BALANCE SHEET (CONTINUED)</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">All amounts in thousands of Brazilian Reais unless otherwise stated</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Note</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">21,848,439&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">23,195,101&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">408,133&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">751,362&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,646,816&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,298,091&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Wages and salaries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,678,889&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,128,547&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Dividends and interest on shareholders&#8217; equity payable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,523,102&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,526,151&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,311,479&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,340,492&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,856,107&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,236,626&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other liabilities, including put option granted on subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">1.2.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,126,605&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,110,138&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">512,253&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">418,389&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>34,911,823&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>41,004,897&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">319,473&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">307,300&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">11,643&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,170,614&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,202,975&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">8.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,718,607&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,318,448&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,443,700&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,487,125&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">536,776&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">513,315&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other liabilities, including put option granted on subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">834,551&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,083,221&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">485,428&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">559,614&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,019,113&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,011,793&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>11,528,262&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>11,495,434&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>46,440,085&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>52,500,331&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">14</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Issued capital</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">58,226,036&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">58,177,929&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">98,694,726&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">98,669,404&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Carrying value adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(76,859,207)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(77,878,043)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Retained earnings/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,532,773&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Equity attributable to the equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>86,594,328&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>78,969,290&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">782,388&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,174,512&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>87,376,716&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>80,143,802&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>133,816,801&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>132,644,133&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim consolidated
financial statements.</P>



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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
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<P STYLE="color: #1555E5; font: 11pt/110% Avantt; margin: 0; text-align: justify"><B>INTERIM CONSOLIDATED INCOME STATEMENT</B></P>

<P STYLE="font: 10pt Avantt; margin: 0"><B>For the periods ended March 31</B></P>

<P STYLE="font: 10pt/108% Avantt; margin: 0; text-align: justify">All amounts in thousands of Brazilian Reais unless otherwise stated</P>

<P STYLE="font: 11pt/108% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Note</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">16</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">20,276,297&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">20,531,743&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(10,058,994)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(10,131,684)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>10,217,303&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>10,400,059&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(2,691,010)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(2,916,696)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Commercial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(1,884,524)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(1,741,300)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(1,332,368)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(1,305,552)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">17</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">593,029&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">481,076&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">18</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(17,569)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(27,889)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>4,884,861&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>4,889,698&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Finance expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">19</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(1,012,469)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(1,454,719)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Finance income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">19</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">640,466&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">734,304&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Exchange differences, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">19</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(33,941)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(277,447)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; font-style: normal"><B>Net finance result&nbsp;</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 11.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>(405,944)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>(997,862)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(3,570)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(14,172)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>4,475,347&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>3,877,664&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">8.2</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(671,165)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(58,415)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Net income</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>3,804,182&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>3,819,249&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Attributable to:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Equity holders of Ambev</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">3,700,276&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">3,699,575&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">103,906&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">119,674&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Basic earnings per share &#8211; common &#8211; R$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">0.2350&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">0.2350&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Diluted earnings per share &#8211; common &#8211; R$</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">0.2336&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">0.2335&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/108% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/108% Avantt; margin: 0; text-align: justify">(i) As detailed in note 19 &#8211; <I>Net finance result</I>, the Company
changed the split between financial result lines, including for comparative purposes.</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim consolidated
financial statements.</P>



<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #1555E5; font: 11pt/110% Avantt; margin: 0; text-align: justify"><B>INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</B></P>

<P STYLE="font: 10pt Avantt; margin: 0"><B>For the periods ended March 31</B></P>

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

<P STYLE="font: 12pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 73%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,804,182&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,819,249&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Items that may be subsequently reclassified to profit or loss:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exchange differences on the translation of foreign operations (gains/(losses))</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 39.3pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Investment hedge &#8211; put option granted on subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(37,671)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">65,667&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 39.3pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Gains/losses on translation of other foreign operations&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">991,063&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,027,761)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-left: 39.3pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gains/losses on translation of foreign operations&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>953,392&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,962,094)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 39.3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash flow hedge &#8211; gains/(losses)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-left: 39.3pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Recognized in equity (Hedge reserve)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(517,115)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(12,952)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-left: 39.3pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Reclassified from equity (Hedge reserve) and included in profit or loss</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">84,949&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(93,916)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; background-color: white; padding-left: 39.3pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total cash flow hedge</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(432,166)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(106,868)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 39.3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Items that will not be reclassified to profit or loss:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Recognition of actuarial gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,415&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,616&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(21,85,229) 1.5pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Other comprehensive (loss)/income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>522,641&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(2,064,346)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total comprehensive (loss)/income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,326,823&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,754,903&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;&nbsp; Equity holders of Ambev</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,202,655&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,655,897&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;&nbsp; Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">124,168&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">99,006&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The consolidated statement of comprehensive income is presented net of income
tax. The income tax effects of these items are disclosed in note 8 &#8211;<I>Income tax and social contribution.</I></P>

<P STYLE="font: 11pt/115% Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0">The accompanying notes are an integral part of these interim consolidated financial statements.</P>


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

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

<P STYLE="color: #1555E5; font: 11pt/110% Avantt; margin: 0; text-align: justify"><B>INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</B></P>

<P STYLE="font: 10pt Avantt; margin: 0"><B>For the periods ended March 31</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">All amounts in thousands of Brazilian Reais unless otherwise stated</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Attributable to equity holders of Ambev</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 47%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Issued capital</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Capital reserves</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Net income reserves</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Non-controlling interests</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At January 1, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>58,130,517&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>55,339,694&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>36,906,900&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(68,421,478)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>81,955,633&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,372,194&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>83,327,827&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">&nbsp;Net Income&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,699,575&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,699,575&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">119,674&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,819,249&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Comprehensive income:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,941,515)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,941,515)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(20,579)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,962,094)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash flow hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(106,869)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(106,869)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(106,868)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,706&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,706&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(90)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,616&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Total comprehensive income&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,699,575&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,043,678)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,655,897&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">99,006&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,754,903&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Capital increase (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">47,412&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(32,869)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">14,543&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">14,543&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,269,900&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,269,900&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,115&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,273,015&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Options granted on subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,700&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,700&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,700&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(44)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(44)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(44)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Dividends paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(37,039)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(37,039)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Purchases of shares, results from treasury shares and share-based payments</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">98,962&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">98,962&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">98,962&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At March 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>58,177,929&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>55,405,787&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>36,906,900&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,969,475&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(70,460,500)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>84,999,591&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,437,276&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>86,436,867&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim consolidated
financial statements.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt/115% Avantt; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)</B></P>

<P STYLE="font: 10pt Avantt; margin: 0"><B>For the periods ended March 31</B></P>

<P STYLE="font: 10pt/108% Avantt; margin: 0; text-align: justify">All amounts in thousands of Brazilian Reais unless otherwise stated</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Attributable to equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 47%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Issued capital</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Capital reserves</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Net income reserves</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Non-controlling interests</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At January 1, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>58,177,929&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>55,479,564&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>43,189,840&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(77,878,043)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>78,969,290&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,174,512&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>80,143,802&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">&nbsp;Net Income&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,700,276&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,700,276&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">103,906&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,804,182&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">933,680&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">933,680&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">19,712&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">953,392&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash flow hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(432,721)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(432,721)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">555&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(432,166)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,420&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,420&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,415&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total comprehensive income&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3,700,276&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>502,379&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,202,655&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>124,168&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,326,823&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Capital increase (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">48,107&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">48,107&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">48,107&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,811,677&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,811,677&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">6,006&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,817,683&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Gains/(losses) of controlling interest&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,958&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">516,457&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">518,415&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(518,430)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(15)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Dividends paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,212)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,212)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Purchases of shares, results from treasury shares and share-based payments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">23,364&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">23,364&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">344&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">23,708&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Prescribed/(complementary) dividends</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">20,820&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">20,820&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">20,820&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>58,226,036&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>55,504,886&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>43,189,840&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>6,532,773&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(76,859,207)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>86,594,328&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>782,388&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>87,376,716&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/108% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/108% Avantt; margin: 0; text-align: justify">(i) Amount of R$518.415 refers to renegotiation of shareholders agreement
from Tenedora, as described in note 1.2.1.</P>

<P STYLE="font: 8pt/108% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/108% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim consolidated
financial statements.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt/110% Avantt; margin: 0; text-align: justify"><B>INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Avantt; margin: 0"><B>For the periods ended March 31</B></P>

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

<P STYLE="font: 12pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 66%; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Note</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Net income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,804,182&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,819,249&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Depreciation, amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,632,327&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,526,837&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Impairment losses on receivables and inventory</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">94,980&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">109,423&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Additions/(reversals) in provisions and employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">55,773&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">24,013&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">405,944&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">997,862&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Losses/(gains) on sale of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(20,683)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(28,077)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share-based payment expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">101,290&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">77,166&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">671,165&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">58,415&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,570&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">14,172&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Hedge operations results</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">106,992&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(104,828)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash flow from operating activities before changes in working capital and use of provisions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>6,855,540&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>6,494,232&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(Increase)/decrease in trade and other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">86,776&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(256,344)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(Increase)/decrease in inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(991,534)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(496,438)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Increase/(decrease) in trade and other payables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(3,064,768)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,092,002)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash generated from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,886,014&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,649,448&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest paid</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(143,791)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(140,669)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest received</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">390,817&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">163,908&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Dividends received</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">6,664&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,949&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Income tax paid</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,421,505)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,253,903)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>718,199&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(576,267)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Proceeds from sales of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">36,217&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">23,830&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Acquisitions of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,015,895)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,152,953)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Acquisitions of subsidiaries, net of cash acquired</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(278)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Capital increase in associates and subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(6,519)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Investments in short-term debt securities and net proceeds/(acquisitions) of debt securities</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(799,676)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">54,915&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash flow from investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,779,632)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,080,727)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Capital increase</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">17,486&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">14,543&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Proceeds/(buyback) treasury shares</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(76,223)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,851)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Acquisitions of non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1.2.1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,714,029)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">412,891&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">45,448&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Repayment of borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(63,306)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(77,233)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash net of finance costs other than interests</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(546,087)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(727,330)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Lease Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(321,235)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(228,732)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Dividends and interest on shareholders&#8217; equity paid</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(11,599)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(38,175)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,302,102)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,016,330)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Net increase/(decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(3,363,535)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,673,324)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash and cash equivalents less bank overdrafts at the beginning of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>16,059,003&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>14,852,092&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Effect of exchange rate fluctuations on cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>149,056&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(121,775)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash and cash equivalents less bank overdrafts at the end of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12,844,524&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12,056,993&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0">The accompanying notes are an integral part of these interim consolidated financial statements.</P>



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

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Avantt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>CORPORATE INFORMATION</B></FONT></TD></TR></TABLE>

<P STYLE="color: #1555E5; font: 11pt/110% Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 10pt Avantt; margin: 0; text-align: justify"><B>1.1 Description of business</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Ambev S.A. (referred to as the &#8220;Company&#8221; or &#8220;Ambev&#8221;)
together with its subsidiaries (the &#8220;Group&#8221; or &#8220;Consolidated&#8221;), headquartered in S&atilde;o Paulo - SP, Brazil,
has as its social purpose, either directly or through participation in other companies, the production and sale of beer, draft beer, soft
drinks, other non-alcoholic beverages, malt and food in general, as well as the advertising of its own and of third party products, the
sale of promotional and advertising materials and the direct or indirect exploitation of bars, restaurants, snack bars and similar establishments,
among others.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Group portfolio includes several own brands, like Brahma&reg;, Skol&reg;,
Antarctica&reg;, Original&reg;, Colorado&reg;, Bohemia&reg;, Serramalte&reg;, Quilmes&reg;, Patagonia&reg;, Guaran&aacute; Antarctica&reg;,
Beats&reg; among others, and licensed brands, like Budweiser&reg;, Corona&reg;, Stella Artois&reg;, Spaten&reg; Beck&#8217;s&reg; and
Mike&#8217;s&reg;.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company&#8217;s shares and American Depositary Receipts (&#8220;ADRs&#8221;)
are listed on the Brasil, Bolsa, Balc&atilde;o S.A. (&#8220;B3&#8221;), under the ticker &#8220;ABEV3&#8221; and on the New York Stock
Exchange (&#8220;NYSE&#8221;) under the ticker &#8220;ABEV&#8221;, respectively.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company&#8217;s direct controlling shareholders are Interbrew International
B.V. (&#8220;ITW International&#8221;), AmBrew S.&agrave;.r.l (&#8220;Ambrew&#8221;), both of which are subsidiaries of Anheuser-Busch
InBev N.V. (&#8220;AB InBev&#8221;).</P>

<P STYLE="color: #1555E5; font: 11pt/110% Avantt; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>1.2 Major corporate events in the three-month period ended March 31, 2024</B></P>

<P STYLE="color: #1555E5; font: 11pt/110% Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>1.2.1 Exercise the put option under the Tenedora Shareholders' Agreement</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: black">The Company and E. Le&oacute;n Jimenes, S.A. (&#8220;ELJ&#8221;),
as the shareholders of Tenedora CND, S.A. (&#8220;Tenedora&#8221;), a holding company headquartered in the Dominican Republic, the owner
of almost the entire share capital of Cervecer&iacute;a Nacional Dominicana, S.A., on July 2, 2020, signed the second amendment to Tenedora&#8217;s
Shareholders Agreement (the &#8220;Shareholders Agreement&#8221;), extending their partnership in the country and postponing the terms
of the put and call options defined in the original Agreement. At December 31, 2023, ELJ was the owner of 15% of Tenedora&#8217;s shares,
and its put option was divided into two tranches: (i) Tranche A, corresponding to 12.11% of Tenedora&#8217;s shares and (ii) </FONT>Tranche
B, corresponding to 2.89% remaining. On January 31, 2024, ELJ exercised the Tranche A put option to sell to Ambev, in accordance with
the Shareholders' Agreement. The instrument was settled through: (i) a cash disbursement of R$1,704 million; and (ii) the offset of ELJ's
debt held by the Group in the amount of R$335 million. As the transaction has been concluded, Ambev Group now holds a 97.11% stake in
Tenedora, with the remaining 2.89% held by ELJ and object of put option to sell, exercisable <FONT STYLE="color: black">starting in </FONT>2026
(Tranche B). <FONT STYLE="color: black">The Company, on the other hand, has a call option over Tranche B shares to be exercised starting
in 2029.The assumptions used for these options are described in note </FONT>21 <FONT STYLE="color: black">&#8211; <I>Financial Instruments
and risks (Item 21.3.1)</I>.</FONT></P>


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

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Avantt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>BASIS OF PREPARATION AND PRESENTATION OF THE INTERIM CONSOLIDATED
FINANCIAL STATEMENTS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The consolidated interim financial statements on March 31, 2024 have been
prepared using the going-concern accounting basis and are being presented in accordance with IAS 34 &#8211; <I>Interim Financial Reporting</I>
as issued by the International Accounting Standards Board (&#8220;IASB&reg;&#8221;).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The information does not meet all disclosure requirements for the presentation
of full annual consolidated financial statements and are disclosed with relevant information and changes in the period, without the level
of detail in certain accompanying notes previously&nbsp;disclosed, avoiding repetition which, in Management's opinion, provides an understanding
of the Company's equity position and performance during the interim period. Therefore, the consolidated interim financial statements should
be read in conjunction with the consolidated financial statements for the year ended December 31, 2023, prepared in accordance with International
Financial Reporting Standards (&#8220;IFRS&reg;&#8221;) issued by the IASB&reg;.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">To avoid duplication of disclosures which are included in the annual consolidated
financial statements, the following notes below are not disclosed:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Payroll and related benefits (Note 9 of annual financial statements);
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Additional information on operating expenses by nature (note 10 of annual
financial statements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(c)</FONT></TD><TD><FONT STYLE="font-family: Avantt">Earnings per share (note 12 of annual financial statements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Intangibles (note 17 of annual financial statements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(e)</FONT></TD><TD><FONT STYLE="font-family: Avantt">Impairment of non-financial assets (note 16 of annual financial statements)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Trade receivables (note 20 of annual financial statements); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Employee benefits (note 24 of annual financial statements);</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In addition, the material accounting policies presented in the respective
accompanying notes are not disclosed in these interim consolidated financial statements. The following notes are not in the same level
of detail presented in the consolidated annual financial statements, for the year ended December 31, 2023:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Summary of material accounting policies (note 3 of annual financial
statements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Use of estimates and judgments (note 4 of annual financial statements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Income tax and social contribution (note 13 of annual financial statements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Goodwill (note 15 of annual financial statements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Changes in equity (note 22 of annual financial statements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Interest-bearing loans and borrowings (note 23 of annual financial statements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Share-based payments (note 25 of annual financial statements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Provisions, contingent liabilities and contingent asset (note 27 of
annual financial statements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Financial instruments and risks (note 28 of annual financial statements);
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Related parties (note 30).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In preparing the consolidated financial statements, management uses judgments,
estimates and assumptions that affect the application of accounting practices and the reported amounts of assets, liabilities, income
and expenses. The relevant estimates and judgments are disclosed in note 4 - <I>Use of estimates and judgments</I>.</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify">The interim consolidated financial statements were approved, in their
final form, by the Board of Directors on May 07, 2024.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>2.1 Functional and presentation currency</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The functional and presentation currency of the Company consolidated financial
statements is the Brazilian Real, which is the currency of its main economic operating environment. For presentation purposes, the financial
statements are presented in millions of Brazilian Reais (&#8220;R$&#8221;), unless otherwise indicated, rounded to the nearest million.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Foreign currency transactions are accounted for at the exchange rates prevailing
as at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated using the balance
sheet date rate. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate prevailing
as at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies stated at fair value are translated
at the exchange rate in force as at the date on which the fair value was determined. Gains and losses arising from the settlement of transactions
in foreign currencies and resulting from the conversion of assets and liabilities denominated in foreign currencies are recognized in
the income statement.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Assets and liabilities of subsidiaries located abroad are translated at the
foreign exchange rates prevailing at the balance sheet date, while amounts from the income statement and cash flow are translated at the
average exchange rate for the year, and changes in equity are translated at the historical exchange rate of each transaction. Translation
adjustments arising from the difference between the average exchange rates and the historical rates are recorded directly in Carrying
value adjustments.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In the consolidation process, exchange differences arising from the translation
of equity in foreign operations and borrowing and other currency instruments designated as net investment hedges are recognized in Carrying
value adjustments, an equity reserve, and included in Other comprehensive income.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Even when recorded in the acquiring entity, the goodwill and fair value adjustments
arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the
foreign exchange rate at the balance sheet date.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>2.1.1 Exchange rates</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The most significant exchange rates used for the preparation of the Company&#8217;s
consolidated financial statements are as follow:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Closing rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Average rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Currency</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Country</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 3%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">CAD</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Canadian Dollar</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3.6814&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3.6536&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3.6626&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3.8259&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">DOP</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Dominican Peso</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Dominican Republic</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0843&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0831&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0838&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0920&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">US Dollar</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Panam&aacute; and Cuba</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4.9962&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4.8413&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4.9238&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">5.1736&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">GTQ</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Quetzal</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Guatemala</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.6421&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.6189&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.6308&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.6603&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">ARS</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Argentinean Peso&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Argentina</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0058&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0060&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0058&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0277&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">BOB</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Bolivian Peso</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Bolivia</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.7178&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.6956&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.7074&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.7433&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">PYG</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Guarani</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Paraguay</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0007&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0007&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0007&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0007&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">UYU</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Uruguayan Peso</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Uruguay</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.1330&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.1241&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.1260&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.1320&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">CLP</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Chilean Peso</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Chile</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0051&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0055&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0053&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0062&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">BBD</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Barbadian Dollar</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Barbados</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2.4629&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2.3866&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2.4272&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2.5504&nbsp;</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 9pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Avantt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>SUMMARY OF MATERIAL ACCOUNTING POLICIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The accounting practices adopted by the Company are consistent in all the
years presented. <FONT STYLE="color: black">There were no changes in the accounting policies and calculation methods used for the interim
consolidated financial statements as at March 31, 2024 compared to those presented in the consolidated financial statements for the years
ended December 31, 2023.</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>3.1 Recently issued IFRS</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The <FONT STYLE="color: windowtext">changes in standards and </FONT>new standards,
which became effective <FONT STYLE="color: windowtext">in</FONT> 2024 are not applicable or did not have any material impact <FONT STYLE="color: windowtext">in</FONT>
these consolidated financial statements. Below are the main changes in accounting standards which, in management's opinion, could <FONT STYLE="color: windowtext">possibly</FONT>
have an impact on subsequent disclosures:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt; color: black">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">In December 2021, the Organisation for Economic Cooperation and Development
(&quot;OECD&quot;), as part of the Inclusive Framework on Base Erosion and Profit Shifting (&quot;BEPS&quot;) project, released the Pillar
Two model rules (or Global Anti-Base Erosion Model Rules - GloBE), aiming at a common approach to international corporate taxation, in
order to ensure that multinational economic groups within the scope of these rules calculate taxes on profit at a minimum effective rate
of 15% in each country where they operate. These rules will have to be approved locally in each country that adheres to the proposal,
via applicable legislation, some of which have already promulgated new laws or are in the process of discussing and approving them. In
May 2023, the IASB&reg; issued scope changes to IAS 12 &#8211; <I>Income Taxes</I> to allow a temporary exemption in accounting for deferred
income taxes arising from promulgated or substantially promulgated legislation implementing OECD Pillar Two, an exemption which has been
adopted by the Group. <FONT STYLE="color: black">In the Group's case, the Pillar Two Rules are effective in 2024 in some jurisdictions
and no material impacts have been identified in the interim financial statements as of March 31, 2024, and currently there is no expectation
that there will be a material impact on subsequent financial statements.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Univers 45 Light, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">On May 25, 2023, the IASB&reg; published amendments
to IAS 7 &#8211; <I>Statement of Cash Flows</I> and IFRS 7 &#8211; <I>Financial Instruments: Disclosures</I>, which establish new disclosure
requirements for financing transactions with suppliers, the so-called &quot;drawn risk&quot;. These requirements must be adopted by companies
that adhere to the IFRS&reg; as of 2024, but no additional presentation is required in the interim financial statements in the first year
of adoption. The Company is evaluating the impacts of these changes, even though these transactions are not material to the Group, as
disclosed in note 11 &#8211; <I>Trade payables</I>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Avantt; margin: 0 0 0 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Avantt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD STYLE="text-align: justify">In August 2023, the IASB&reg; issued amendments to IAS 21 &#8211; <FONT STYLE="color: black"><I>The Effects
of Changes in Foreign Exchange Rates</I>. </FONT>The modifications implemented will require the application of a consistent approach when
assessing whether a currency can be exchanged for another currency and, when it cannot, determining the exchange rate to be used, and
the related disclosures. The Company is evaluating the impacts of these standards, the adoption of which is required for fiscal years
beginning on January 1, 2025.</TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Is not expected that these changes have a significant impact in the interim
consolidated financial statements of the entity. In addition, there are no other standards, standard changes or IFRIC interpretations
that still haven&#8217;t been in force and that may have a material impact in entity&#8217;s consolidated financial statements. In addition,
the company has not adopted any standards in advance.</P>
<P STYLE="font: 9pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Avantt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>USE OF ESTIMATES AND JUDGMENTS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The preparation of interim consolidated financial statements in compliance
with IFRS requires Management to make use of judgments, estimates and assumptions that affect the application of accounting practices
and the reported amounts of assets and liabilities, income and expenses. The estimates and assumptions are based on past experience and
various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for decision-making
regarding judgments relating to the carrying amounts of assets and liabilities that are not readily evident from other sources. The actual
results may differ from these estimates.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The estimates and assumptions are reviewed on a regular basis. Changes in
accounting estimates may affect the period during which they are realized, or future periods.</P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The accounting policy which reflects significant estimates and judgments
used in the preparation of these interim consolidated financial statements for the three-month
period ended March 31,2024 have not changed from those valid on December 31, 2023.</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>5.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES</B></FONT></TD></TR></TABLE>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>5.1 Cash and equivalents</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Cash</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">230,627&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">267,077&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Current bank accounts</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,516,948&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,818,336&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; font-style: normal; font-weight: normal">Short-term bank deposits&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,096,949&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,973,590&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12,844,524&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>16,059,003&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) The balance refers mostly to Bank Deposit Certificates (&#8220;CDBs&#8221;),
of high liquidity, which are readily convertible into known amounts of cash and which are subject to an insignificant risk of change in
value.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The cash and cash equivalents balance include the amount of R$4,042 million
as at March 31, 2024 (R$3,768 million in 2023), which is not freely transferable to the parent company due to remittance restrictions
in Cuba and Argentina, although available for use in the local operations of the subsidiaries in question.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>5.2 Investment securities</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 66%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Financial assets at fair value through profit or loss</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,077,190&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">277,164&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Current investment securities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,077,190&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>277,164&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; font-style: normal; font-weight: normal">Investment on debt securities&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">244,767&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">242,168&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Non-current investment securities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>244,767&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>242,168&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,321,957&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>519,332&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) The balance refers substantially to financial investments linked to tax
incentives that do not have immediate convertibility into a known amount of cash.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>6.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>INVENTORY</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 69%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Finished goods&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,657,488&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,990,337&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Work in progress</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">833,340&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">826,520&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Raw materials and consumables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,086,425&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,599,874&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Spare parts and others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">863,784&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">806,867&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Prepayments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">385,052&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">537,871&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Impairment losses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(127,716)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(142,447)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,698,373&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>9,619,022&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">The changes in impairment losses on inventory are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Beginning balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(142,447)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(160,173)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Effects of movements in foreign exchange in the balance sheet</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(509)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12,932&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(70,573)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(262,884)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">85,813&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">267,678&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Final balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(127,716)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(142,447)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt; color: #1555E5"><B>7.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt; color: #1555E5"><B>RECOVERABLE TAXES</B></FONT><B><FONT STYLE="font-family: Avantt"><BR>
<BR>
</FONT></B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 62%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; font-style: normal; font-weight: normal">PIS/COFINS exclusion of ICMS&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">120,504&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">219,010&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">PIS/COFINS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">181,796&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">170,426&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">ICMS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">422,117&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">426,936&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">IPI</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">116,379&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">112,541&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Income tax and social contributions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,259,717&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,436,614&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">60,558&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">70,161&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,161,071&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,435,688&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; font-style: normal; font-weight: normal">PIS/COFINS exclusion of ICMS&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,684,378&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,490,398&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">ICMS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">427,897&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">436,508&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Income tax and social contributions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,103,259&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,087,032&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">242,610&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">311,158&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>11,458,144&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>11,325,096&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>14,619,215&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>14,760,784&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/108% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 8pt; line-height: 108%">(i)
Over the last few years, and as disclosed in the respective annual financial statements, the Company recognized PIS and COFINS credits
arising from the exclusion of ICMS</FONT>, <FONT STYLE="font-family: Avantt; font-size: 8pt; line-height: 108%">including in the form
of tax substitution, from the calculation basis. The corresponding entry for recognition is recorded in the item Recoverable PIS/COFINS
&#8211; exclusion of ICMS, according to the table above.</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>8.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>INCOME TAX AND SOCIAL CONTRIBUTION</B></FONT></TD></TR></TABLE>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>8.1 Deferred income tax and social contribution</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The details of the amount of deferred income tax and social contribution
by type of temporary difference are as follows:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #1555E5"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #1555E5"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 38%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,957&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,957&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,231&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,231&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Intangible</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,632,761)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,632,761)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,369,738)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,369,738)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">741,216&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">741,216&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">856,512&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">856,512&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,835,992&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,641)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,833,351&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,843,806&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,281)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,840,525&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">34,553&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,326)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">30,227&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">43,807&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(7,002)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">36,805&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivatives</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">31,174&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(44,246)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(13,072)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">31,091&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(77,210)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(46,119)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,671&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,671&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,518&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,518&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">309,129&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(110,044)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">199,085&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">268,589&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(59,561)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">209,028&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">936,273&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,187,439)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,251,166)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">714,218&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,837,179)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,122,961)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Withholding tax on undistributed profits and royalties</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,539,189)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,539,189)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,385,500)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,385,500)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(383,678)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(383,678)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(383,678)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(383,678)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest on shareholders&#8217; equity</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">292,192&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">292,192&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Losses carried forward</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,343,336&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,343,336&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,383,261&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,383,261&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,140,928&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(16,410)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,124,518&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,026,343&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,637)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,021,706&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Complement of income tax of foreign subsidiaries due in Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(30,891)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(30,891)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Impact of the adoption of IFRS 16 (Leases)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,348&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(21,160)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(14,812)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14,484&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(19,679)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,195)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">ICMS on the assessment bases of PIS/COFINS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(75,989)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(75,989)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(228,510)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(228,510)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">293,100&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(443,643)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(150,543)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">266,340&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(437,081)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(170,741)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross deferred tax assets/(liabilities)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,979,869&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(6,492,417)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,487,452&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,464,200&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(5,813,056)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,651,144&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Netting by taxable entity</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,773,810)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,773,810&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,494,608)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,494,608&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net deferred tax assets/(liabilities)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8,206,059&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(3,718,607)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,487,452&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,969,592&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(3,318,448)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,651,144&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Among the deferred tax assets on tax losses carried forward, the tax authorities
unilaterally offset in tax proceedings the total amount of R$268,602, which is equivalent to R$790,005 in tax losses basis. Such proceedings
are classified as having a possible likelihood of loss.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 9pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>8.1.1 Realization of deferred taxes</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">As at March 31, 2024 the deferred tax assets and liabilities are expected
to be utilized/settled, as follows:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Deferred taxes not related to tax losses</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>to be realized until 12 months</B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>to be realized after 12 months</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,957&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,957&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Intangible</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,267)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,631,494)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,632,761)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">67,866&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">673,350&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">741,216&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(198,473)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,031,824&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,833,351&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">22,876&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,351&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">30,227&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Derivatives</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(15,159)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,087&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(13,072)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">205&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,466&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,671&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">278,801&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(79,716)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">199,085&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(3,911)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,247,255)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,251,166)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Withholding tax on undistributed profits and royalties</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,539,189)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,539,189)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(383,678)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(383,678)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Interest on shareholders&#8217; equity</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">292,192&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">292,192&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">556,092&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">568,426&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,124,518&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Complement of income tax of foreign subsidiaries due in Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(30,891)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(30,891)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Impact of the adoption of IFRS 16 (Leases)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(14,812)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(14,812)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">ICMS on the assessment bases of PIS/COFINS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(75,989)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(75,989)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other items</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">92,726&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(243,269)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(150,543)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 2.25pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 2.25pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,061,057&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 2.25pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(916,941)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 2.25pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>144,116&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Deferred tax related to tax losses</B></FONT></TD>
    <TD STYLE="width: 30%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">378,171&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">2026</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,509,387&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">2027</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,150,411&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">2028 to 2030</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">888,348&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; font-style: normal; font-weight: normal">2031 onward</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>&nbsp;(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">417,019&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,343,336&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>8.1.2 The net change of deferred taxes</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The net change in deferred income tax and social contribution is detailed
as follows:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 82%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,651,144&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 29.6pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Recognition of actuarial gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(29)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-left: 29.6pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Investment hedge &#8211; put option granted on subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">19,406&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 29.6pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Cash flow hedge &#8211; gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(95,237)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 29.6pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Gains/(losses) on translation of other foreign operations&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(11,988)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Recognized in other comprehensive income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(87,848)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Recognized in the income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>331,997&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Changes directly in the balance sheet</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(407,841)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Recognized in deferred tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(379,330)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-left: 29.6pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(379,330)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Recognized in other balance sheet group</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(28,511)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,487,452&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>8.1.3 Deferred tax asset related to tax losses</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">As of March 31, 2024, besides the tax credits related to tax losses effectively
recognized in the amounts disclosed above, other tax credits related to accumulated tax losses in the amount of R$671,127 (R$669,024 in
2023) - which are equivalent, in value basis, to R$2,531,665 at March 31, 2024 (R$2,521,047 in December 31, 2023) - were not recorded,
since their realization is not probable in currently Management evaluation.</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>8.2 Income tax and social contribution</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt">Income taxes reported in the income statement are analyzed as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Income tax expense &#8211; current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,003,162)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(849,957)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Deferred tax expense on temporary differences</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">371,922&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">584,944&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Deferred tax on tax loss carryforward movements in the current period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(39,925)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">206,598&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total deferred tax (expense)/income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>331,997&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>791,542&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total income tax expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(671,165)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(58,415)</B></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">The reconciliation between the weighted nominal tax rate and the effective tax rate is summarized
as follows:</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Profit before tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,475,347&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,877,664&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Adjustment on a taxable basis</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Others non-taxable income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(130,623)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(150,431)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Government grants related to sales taxes&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(682,700)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,570&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">14,172&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Non-deductible expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,915&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">16,227&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign profit calculation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(12,003)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">146,413&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,343,206&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,221,345&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Aggregated weighted nominal tax rate</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">30.13%</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">30.32%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Taxes payable &#8211; nominal rate&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,308,690)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(976,608)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Adjustment on tax expense</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Income tax incentives</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">248,539&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">27,957&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Deductible interest on shareholders&#8217; equity</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">285,113&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">856,682&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Tax savings from goodwill amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">896&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,289&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Withholding income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(105,180)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(57,556)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Recognition/(write-off) of deferred charges on tax losses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">78,295&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(9,841)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">52,292&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(120,591)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Others with reduced taxation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">77,570&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">217,253&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Income tax and social contribution expense</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(671,165)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(58,415)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Effective tax rate</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15.00%</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1.51%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The main events that impacted the effective tax rate for the period were:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Government grants for sales taxes:&nbsp;Related to regional incentives
and economic development policies, these are related primarily to local production, contributing to economic and social impact, and, when
reinvested, are not subject to income tax and social contribution, which explains the impact on the effective tax rate. Any amounts described
under this heading are usually impacted by fluctuations in the volume, price and any eventual increases in state VAT (&#8220;ICMS&#8221;),
reflected in other operating income or net sales depending on its nature. Since January 2024, the government subsidy amounts relating
to sales taxes have no more been deducted from the taxable base, due to the <FONT STYLE="color: black">implementation</FONT> of Federal
Law No. 14.789/24. The amounts relating to tax incentives are duly allocated to the profit reserve each year, in accordance with item
(14.3.1) &quot;Tax incentives&quot; of note 14 &#8211; <I>Changes in equity.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Income tax incentive: refers to income tax incentives granted by the
Federal Government to promote regional development in some areas of the North and Northeast of the country. These incentives are recorded
in the income statement on an accrual basis and allocated to the tax incentive reserves account, in accordance with item (14.3.1) &quot;Tax
incentives&quot; of note 14 &#8211; <I>Changes in equity</I>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Withholding income tax: The amount is mainly related to dividends already
distributed and to be distributed by subsidiaries located outside of Brazil, applicable according to local tax legislation. The recorded
values in 2024 are mainly related to withholding tax on dividends distributed in 2024 and the exchange rate variation of the deferred
income tax related to subsidiary profits undistributed.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; color: black">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Deductible interest on shareholders&#8217; equity: under Brazilian law,
companies have an option to remunerate their shareholders through the payment of Interest on shareholders&#8217; equity, which amount
is impacted by the taxable result, net income reserves of the Company and by the long-term interest rate (&#8220;TJLP&#8221;). These remunerations
are deductible for income tax purposes. On December 29, 2023, Law 14.789/23 was enacted, effective as of January 1, 2024, limiting, as
from that date, the equity accounts that must be used in the JCP calculation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; color: black">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Effect of application of IAS 29 (hyperinflation): our subsidiary in
Argentina, for operating in a hyperinflationary economy, is subject to monetary correction of non-financial assets and liabilities, equity
and income statement, which, at times, reflects in the consolidated effective tax rate and implies variation between periods<FONT STYLE="color: black">.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 9pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>9.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>PROPERTY, PLANT AND EQUIPMENT</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 54%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 23%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">24,685,993&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">23,662,728&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Right of use assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,940,100&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,967,428&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>27,626,093&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>26,630,156&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>9.1 <FONT STYLE="background-color: white">Changes in the carrying amount of
property, plant, and equipment</FONT></B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Carrying amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Effects of movements in foreign exchange in the balance sheet</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Effects of application of IAS 29 (hyperinflation)</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Acquisitions&nbsp;</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Disposals and write-offs</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Transfers&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="width: 8%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Depreciation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Land and buildings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>9,698,425&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,485,238)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">663,123&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">44,741&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(481,587)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(3,738)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">800,535&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>9,236,261&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">14,287,840&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(5,051,579)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>11,589,556&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,726,730)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">779,390&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,230,174&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(3,533,364)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(39,135)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,488,955&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,788,846&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">39,509,056&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(28,720,210)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Fixtures and fittings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,323,571&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(193,404)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">86,460&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">56,419&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(541,605)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(13,471)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">373,702&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,091,672&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,074,126&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(5,982,454)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Under construction</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,349,748&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(311,718)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">120,197&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,283,918&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(3,391)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,892,805)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,545,949&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,545,949&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>26,961,300&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(3,717,090)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,649,170&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,615,252&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(4,556,556)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(59,735)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,229,613)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>23,662,728&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>63,416,971&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(39,754,243)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Carrying amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Effects of movements in foreign exchange in the balance sheet</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Effects of application of IAS 29 (hyperinflation)</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Acquisitions&nbsp;</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Disposals and write-offs</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Transfers&nbsp;</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At March 31, 2024</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="width: 8%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Depreciation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Land and buildings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>9,236,261&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(9,589)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">514,980&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,750&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(117,007)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(10,061)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">130,466&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>9,746,800&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">15,023,563&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(5,276,763)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,788,846&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,694&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">576,922&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">229,186&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(915,085)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,945)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">393,096&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>11,075,714&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">42,076,197&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(31,000,483)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Fixtures and fittings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,091,672&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,223&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">42,588&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,622&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(132,457)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,840)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">43,427&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,047,235&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,421,179&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(6,373,944)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Under construction</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,545,949&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,024&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">76,205&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">754,869&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(568,803)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,816,244&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,816,244&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>23,662,728&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>5,352&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,210,695&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>989,427&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,164,549)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(15,846)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,814)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>24,685,993&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>67,337,183&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(42,651,190)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #1555E5; font: 11pt/115% Avantt; margin: 0"><B>&nbsp;</B></P>


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

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt/115% Avantt; margin: 0"><B>9.2 <FONT STYLE="background-color: white">Changes in the carrying amount
of right-of-use assets</FONT></B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 20%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Effects of movements in foreign exchange in the balance sheet</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Effects of application of IAS 29 (hyperinflation)</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Additions</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Disposals and write-offs</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Transfers&nbsp;</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Buildings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,350,836&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(49,482)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">11,951&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">343,028&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(451,693)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(30,532)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,842)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,172,266&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,925,946&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,753,680)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Machinery, vehicles and others</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,743,554&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(32,731)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">15,496&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,313,799&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(773,939)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(475,532)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,515&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,795,162&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,534,476&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,739,314)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3,094,390&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(82,213)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>27,447&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,656,827&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,225,632)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(506,064)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,673&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,967,428&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>6,460,422&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(3,492,994)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 20%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At December 31, 2023</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Effects of movements in foreign exchange in the balance sheet</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Effects of application of IAS 29 (hyperinflation)</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Additions</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Disposals and write-offs</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Transfers&nbsp;</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At March 31, 2024</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Buildings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,172,266&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">5,658&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,574&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">63,238&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(97,492)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,294)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">260&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,141,210&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,996,441&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,855,231)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Machinery, vehicles and others</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,795,162&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,737&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">10,559&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">210,186&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(219,149)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(308)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(297)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,798,890&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,762,611&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,963,721)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,967,428&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>8,395&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>15,133&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>273,424&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(316,641)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(7,602)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(37)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,940,100&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>6,759,052&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(3,818,952)</B></FONT></TD></TR>
  </TABLE>

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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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>10.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>GOODWILL</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Balance at the end of the previous year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>38,003,640&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>40,594,038&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Effects of movements in foreign exchange in the balance sheet</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">208,947&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,067,916)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,155,563&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,481,136&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Acquisitions, (write-offs) and disposal through business combinations</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(3,618)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Balance at the end of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>39,368,150&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>38,003,640&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify"><B>Impairment testing</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The impairment test is performed annually considering the most accurate estimates
calculated by Management. There are no indications of impairment until March 31, 2024.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>11.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>TRADE PAYABLES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 34%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 27%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 39%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">19,994,474&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">21,278,615&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Related parties (note 23)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,853,965&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,916,486&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>21,848,439&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>23,195,101&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">113,458&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">107,386&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Related parties (note 23)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">206,015&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">199,914&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>319,473&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>307,300&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>22,167,912&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>23,502,401&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The present value adjustment recorded for trade payables, at March 31, 2024
is R$265 million (R$308 million at December 31, 2023).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The subsidiaries in Argentina, Chile, Paraguay and Panama have discount transactions
for invoices with endorsement (trade payables securitization) with vendors in the amount of R$143 million at March 31, 2024 (R$159 million
at December 31, 2023). In general, abovementioned discount transactions occur by legal impositions existing in these jurisdictions. These
transactions maintain commercial characteristics since there are no change in previously established conditions (amount, terms, and counterpart)
and its vendor&#8217;s choice to carry out the anticipation of its receivables with the Company. Therefore, these operations do not result
in any additional obligations for the Company.</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0 0 0 21.3pt; text-align: justify"><B>&nbsp;</B></P>


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

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>INTEREST-BEARING LOANS AND BORROWINGS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 26%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Secured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">420,224&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">14,938&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other secured loans</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">127,365&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">136,269&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,099,227&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,146,884&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,646,816&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,298,091&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Secured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">96,940&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">111,628&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other secured loans</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">266,798&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">279,401&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,806,876&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,811,946&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,170,614&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,202,975&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,817,430&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,501,066&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Additional information regarding the exposure of the Company to interest
rate, foreign currency risk and debt repayment schedule is disclosed in note 21 - <I>Financial instruments and risks</I>.</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>12.1 Contractual clauses (Covenants)</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In the three-month period ended March 31, 2024, as well as at December 31,
2023 and until the date of issue of these interim consolidated financial statements there were no events of default, breach of covenant
clauses or significant contractual changes that would result in changes to the payment terms of loan and financing contracts.</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>12.2 Leasing contracts for term and discount rate</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company estimated discount rates, based on risk-free interest rates observed
in the Brazilian market, for the terms of its contracts, adjusted to their reality (credit spread). Spreads were obtained with financial
institutions. The following table shows the weighted average of rates applied:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 58%; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 42%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #1555E5"><B>Rate %</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Lease Term</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">2024 - 2027</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">11.18%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">&nbsp;2028&nbsp;-&nbsp;2035&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">11.85%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>13.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company and its subsidiaries are involved in administrative and judicial
proceedings and arbitrations arising from the normal course of business. The assessment of the prognosis of loss, carried out by the Company
with the support of its legal advisors, considers the probability of the position of the Company and its subsidiaries being accepted at
the end of the process, considering the applicable legislation, the case law on the subject and the existing evidence. Due to their nature,
these processes involve inherent uncertainties, including, but not limited to, decisions by courts and tribunals, agreements between the
parties involved and governmental actions and, as a result, management cannot, at this stage, estimate the exact time taken to resolve
these issues.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>13.1 Provision</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company and some of its subsidiaries are involved in lawsuits, mainly
of a tax, civil and labor nature, which are considered probable of loss, and which are fully provisioned, under the terms of IAS 37 -
<I>Provisions, Contingent Liabilities and Contingent Assets</I>. Processes are considered with a probable likelihood of loss when there
is consolidated or binding case law unfavorable to the thesis defended by the Company and its subsidiaries, or, in the case of a factual
or evidentiary discussion, when the Company and its subsidiaries do not have the necessary and sufficient evidence to prove the right
alleged.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>13.1.1 Main lawsuits with a probable likelihood of loss:</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #1555E5"><B>Sales taxes:</B></FONT> in Brazil, the Company
and its subsidiaries are parties to various administrative and judicial proceedings related to ICMS, IPI, PIS and COFINS taxes, considered
as probable likelihood of loss. Such proceedings include, among others, tax offsetting, appropriation of tax credits and alleged insufficient
payment of the respective taxes.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #1555E5"><B>Labor:</B></FONT> the Company and its subsidiaries
are parties to labor proceedings with former employees or former employees of service providers. The main issues involve overtime and
related effects and respective charges.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #1555E5"><B>Civil:</B></FONT> the Company and its subsidiaries
are involved in civil lawsuits considered as representing a probable likelihood of loss. The most relevant portion of these lawsuits refers
to former distributors, mainly in Brazil, mostly claiming damages resulting from the termination of their contracts.</P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>


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

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>13.1.2 Provision changes </B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Taxes on sales</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Labor</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Civil</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal"><B>Other taxes&nbsp;</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Restructuring</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Saldo em 31 de dezembro de 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>246,948&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>132,101&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>335,934&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>192,929&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>11,797&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>919,709&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Effect of changes in foreign exchange rates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,774)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(35,824)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(6,283)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(506)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(45,387)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">135,768&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">247,769&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">234,556&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">75,635&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,190&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">696,918&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Provisions consumed</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(27,321)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(181,662)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(121,944)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(40,777)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(11,211)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(382,915)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Provisions reversed</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(73,223)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(45,497)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(72,545)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(19,057)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(210,322)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Saldo em 31 de dezembro de 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>282,172&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>149,937&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>340,177&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>202,447&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3,270&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>978,003&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Effect of changes in foreign exchange rates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">94&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(427)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,374&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">33&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,074&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">50,049&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">47,310&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">15,508&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">6,624&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">10,303&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">129,794&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Provisions consumed</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,261)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(38,729)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(9,033)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(352)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(8,765)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(58,140)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Provisions reversed</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(44,749)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(5,600)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,479)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,222)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(53,050)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Saldo em 31 de mar&ccedil;o de 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>286,211&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>153,012&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>344,746&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>208,871&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,841&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>997,681&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) Other taxes refer to provisions for lawsuits concerning taxes unrelated
to income taxation. The uncertain tax treatments related to taxes on profits with a prognosis of probable loss have their value reported
directly in the income tax and social contribution payable, as per IFRIC 23 - <I>Uncertainty on the Treatment of Income Taxes</I>.</P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>13.1.3 Expected settlement</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 31%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Provision for disputes and litigation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Taxes on sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">186,184&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">100,027&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">286,211&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">113,652&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">168,520&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">282,172&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Labor</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">69,657&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">83,355&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">153,012&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">67,248&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">82,689&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">149,937&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Civil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">228,640&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">116,106&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">344,746&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">226,736&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">113,441&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">340,177&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">22,931&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">185,940&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">208,871&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,483&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">194,964&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">202,447&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total provision for disputes and litigation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>507,412&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>485,428&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>992,840&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>415,119&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>559,614&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>974,733&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Restructuring</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,841&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,841&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,270&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,270&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total provisions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>512,253&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>485,428&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>997,681&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>418,389&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>559,614&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>978,003&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The expected settlement of provisions was based on management&#8217;s best
estimate in conjunction with their internal and external legal advisors at the interim balance sheet date.</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>


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

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>13.2 Contingencies</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company and its subsidiaries maintain administrative and judicial discussions
with fiscal authorities in Brazil related to certain fiscal positions adopted when calculating the income tax and social contribution,
which, based on Management&#8217;s current evaluation, probably are going to be accepted in superior court decisions of last instance,
<FONT STYLE="color: #0D0D0D; background-color: white">considering the regular compliance with tax laws, case law, and evidence produced,</FONT>
aligned with IFRIC 23. The Company also has tax actions related to other taxes, which involve risk of a possible loss, according to management's
assessment. To these uncertain tax treatments and possible contingencies there are no recorded provisions, due to the assessment carried
out. The composition and estimates are as following:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 53%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 23%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Income tax and social contribution</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">64,147,794&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">63,620,985&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Value-added and excise taxes</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">26,355,727&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">26,761,034&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">PIS and COFINS</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">3,458,189&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">3,496,221&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Others</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">1,635,873&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">1,679,407&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>95,597,583&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>95,557,647&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Contingencies with a remote risk of loss are not disclosed, as the possibility
of any settlement is remote, in accordance with IAS 37 - <I>Provisions, Contingent Liabilities and Contingent Assets</I>.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company and its subsidiaries have guarantee-insurance policies and letters
of guarantee for some legal actions, disclosed as guarantee for civil, labor and tax execution or to enable resources of labor nature.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>13.2.1 Main contingencies with a possible risk of loss</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/108% Avantt; margin: 0; text-align: justify">The changes in the amount of contingencies reported relate mainly to
the increase resulting from monetary restatement. In addition, the main process classified with a possible loss probability, which changed
in the quarter, is summarized in the table below, along with their respective estimated values involved in the cases.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt solid; border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Indirect taxes</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: #1555E5 1pt solid; border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: right"><B>Estimates </B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: right"><B>(in million of Brazilian Reais)</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 3%; border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; border-left: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>#</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 73%; border-bottom: #1555E5 1pt solid; border-right: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Description of the main process</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: #1555E5 1pt solid; border-right: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1555E5 1pt solid; border-right: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; border-left: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify"><B>IPI Suspension</B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal
    Tax Authorities relating to IPI allegedly due to the suspension of finished products between its units. The cases are being challenged
    at both the administrative and judicial levels.</P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">In January 2024, Ambev received a partially favorable decision from the
    Upper Administrative Court reducing 98% of the amount alleged to be owed by Ambev in this case, corresponding to approximately R$916 million.
    Ambev filed an appeal at the judicial level against the unfavorable portion of the decision.</P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">In the judicial sphere, the first decision obtained in a case on this subject
    was rendered in July 2022, the decision was unfavorable to Ambev, and it filed an appeal. In July 2023, the Federal Court rendered its
    decision on the appeal, annulling the first-level decision and ordering the production of technical evidence as requested by Ambev in
    order to demonstrate the proper collection of IPI. The federal government has filed motions for clarification against this decision, which
    are pending judgment by the Federal Court.</P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">Ambev estimates that the updated amount classified as a possible loss involved
    in these proceedings, as of March 31, 2024, is approximately R$855 million (R$1.8 billion as of December 31, 2023).</P></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>855</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,824 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>14.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>CHANGES IN EQUITY</B></FONT></TD></TR></TABLE>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>14.1 Issued capital</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">At March 31, 2024, the authorized share capital, fully subscribed and paid-in,
in the amount of R$58,226,036 (R$58,177,929 in 2023) in the amount of 15,757,657 common shares (15,753,833 in 2023) book entry, nominative,
without nominal value, thus distributed:</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 34%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Shareholder</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt; font-style: normal"><B>Weighted&nbsp;</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 11.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt; font-style: normal"><B>Weighted&nbsp;</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 11.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Interbrew International B.V.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,441,666&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">53.57%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,441,896&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">53.59%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Ambrew S.A.R.L.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,287,671&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8.17%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,287,671&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8.17%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Funda&ccedil;&atilde;o Zerrenner</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,609,987&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10.22%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,609,987&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10.22%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Market</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,408,320&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">27.98%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,406,420&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">27.97%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Treasury</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10,013&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">0.06%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,859&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">0.05%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15,757,657&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>100.00%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15,753,833&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>100.00%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 34%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Thousands of common shares</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Thousands of Real</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Thousands of common shares</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Thousands of Real</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Beginning balance</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">15,753,833&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">58,177,929&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">15,750,217&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">58,130,517&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; font-style: normal; font-weight: normal">Capital increase&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,824&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">48,107&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,616&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">47,412&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Final balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15,757,657&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>58,226,036&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15,753,833&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>58,177,929&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>

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

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>14.2 Capital reserves</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Capital Reserves&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 31%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Treasury shares&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Share Premium&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Other capital reserves&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Share-based Payments&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>&nbsp;Total&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At January 1, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,073,506)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,049,491&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>55,339,694&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Capital increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(32,869)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(32,869)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Purchases of shares, results of treasury shares and share-based payments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">8,151&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">90,811&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">98,962&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At March 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,065,355)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,107,433&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>55,405,787&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Capital Reserves&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 31%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Treasury shares&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Share Premium&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Other capital reserves&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Share-based Payments&nbsp;</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>&nbsp;Total&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At January 1, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,011,949)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,127,804&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>55,479,564&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) on participations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,958&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,958&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Purchases of shares, results of treasury shares and share-based payments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(71,519)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">94,883&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">23,364&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,083,468)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,224,645&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>55,504,886&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>14.2.1 Purchase of shares and result of treasury shares</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Treasury shares represent the Company&#8217;s own issued shares reacquired
by the Company, and the result of treasury shares related to gains and losses on share-based payment transactions and others. The changes
in treasury shares are as follows:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisition/realization of shares</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Result of Treasury Shares</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total Treasury Shares</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 29%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of Brazilian Reais</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of Brazilian Reais</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At January 1, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>8,482&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(131,877)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(941,629)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,073,506)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Changes during the year</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(623)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">9,814&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,663)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">8,151&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At March 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>7,859&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(122,063)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(943,292)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,065,355)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisition/realization of shares</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Result of Treasury Shares</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total Treasury Shares</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 29%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of Brazilian Reais</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of Brazilian Reais</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At January 1, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,384&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(63,095)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(948,854)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,011,949)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Changes during the year</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">5,629&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(70,843)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(676)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(71,519)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>10,013&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(133,938)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(949,530)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,083,468)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0 0 10pt"><B>14.2.2 Share-based payment</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Different share-based payment programs and stock purchase option plans allow
the senior management from Ambev&#8217;s economic group to acquire shares in the Company. The share-based payment reserve recorded a charge
of R$104,504 on March 31, 2024 (R$77,166 at March 31, 2023) (note 20 &#8211; <I>Share-based payments</I>).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>14.3 Net income reserves</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Net income reserves</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 31%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Investments reserve&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Legal reserve&nbsp;</B></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>&nbsp;Fiscal incentive&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At January 1, 2023</B></FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>22,055,901&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>14,846,543&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>36,906,900&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At March 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>22,055,901&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>14,846,543&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>36,906,900&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Net income reserves</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 31%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Investments reserve&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Legal reserve&nbsp;</B></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>&nbsp;Fiscal incentive&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At January 1, 2024</B></FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>25,786,098&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>17,399,286&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>43,189,840&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>25,786,098&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>17,399,286&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>43,189,840&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">There was no change in net income reserves in the first quarter of 2023 and 2024.</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>14.3.1 Tax incentives</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company recognizes annually in its equity, in the net income reserves
line, the tax incentives regarding tax benefits at the government subsidies for the current year.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In general, these incentives are related to industrial development programs
that aim to generate employment, promote regional decentralization, and complement and diversify the industrial base of the states. In
these states, the grace periods and use and reductions are set out under the respective state normative acts, and when conditions for
obtaining these grants exist, they are under Company&#8217;s control. The treatment of incentives complies with the provisions of current
federal, state and municipal legislation, in particular set by Complementary Federal Law 160/2017 and by Conv&ecirc;nio CONFAZ 190/2017.
For the purposes of constituting the Tax Incentives reserve, the state tax incentives related to sales taxes are recognized as government
subsidies for investments. in line with the interpretation of the Superior Court of Justice manifested mainly in the judgment of ERESP No. 1.517.492/PR,
as well as in the judgment of Theme No. 1.182 and of the Federal Supreme Court, according to the manifestations expressed in the judgment
of Theme 843.</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The portion of income for the period related to tax incentives, which will
be allocated to the profit reserve at the end of the fiscal year and therefore was not being used as a basis for dividend distribution,
was composed of the following:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 50%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 26%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">&nbsp;ICMS (Brazilian state value-added tax)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">255,276&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">682,700&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">&nbsp;Income tax&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">248,539&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">27,957&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>503,815&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>710,657&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>14.3.2 Interest on shareholders&#8217; equity/dividends</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 10pt; text-align: justify">There was no payment of dividends or interest on shareholders&#8217;
equity by the Company in the three-month periods ended March 31, 2023 and March 31, 2024.</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>14.4 Carrying value adjustments</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 41%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Translation reserves</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B><I>Cash flow hedge</I></B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Actuarial gains/ (losses)</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Put option granted on subsidiary</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Gains/(losses) of non-controlling interest&#8217;s share</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Business combination</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Accounting adjustments for transactions between shareholders</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At January 1, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>6,753,983&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>908,521&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(664,985)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(6,666)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(130,578)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(75,437,844)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(68,421,478)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,941,515)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,941,515)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash flow hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(106,869)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(106,869)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,706&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,706&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total comprehensive income&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,941,515)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(106,869)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,706&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,043,678)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Options granted on subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,700&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,700&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(44)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(44)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At March 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,812,468&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>801,652&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(660,279)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(6,666)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(125,922)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(75,437,844)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(70,460,500)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 41%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Translation reserves</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B><I>Cash flow hedge</I></B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Actuarial gains/ (losses)</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Put option granted on subsidiary</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Gains/(losses) of non-controlling interest&#8217;s share</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Business combination</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Accounting adjustments for transactions between shareholders</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At January 1, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,458,382)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>697,825&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(678,235)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(145,675)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(75,449,667)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(77,878,043)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">933,680&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">933,680&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash flow hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(432,721)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(432,721)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,420&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,420&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total comprehensive income&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>933,680&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(432,721)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,420&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>502,379&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">385,670&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(578)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,174)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">132,539&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">516,457&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,139,032)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>264,526&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(677,989)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(13,136)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(75,449,667)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(76,859,207)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>




<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
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<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>15.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>SEGMENT REPORTING</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt">(a)</FONT></TD><TD><FONT STYLE="font-family: Avantt">Reportable segments three-month&#8211;period ended in:</FONT></TD></TR></TABLE>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; font-style: normal"><B>CAC&nbsp;</B></FONT><B><FONT STYLE="font-family: Avantt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; font-style: normal"><B>Latin America &#8211; South</B></FONT><B><FONT STYLE="font-family: Avantt; font-style: normal"><SUP>&nbsp;(ii)</SUP></FONT></B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 28%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,711,918&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,046,716&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,314,702&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,305,599&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,401,921&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,131,944&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,847,756&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,047,484&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,276,297&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,531,743&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,949,878)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,792,284)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,087,690)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,123,964)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,190,853)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,332,877)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(830,573)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(882,559)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,058,994)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,131,684)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,762,040&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,254,432&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,227,012&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,181,635&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,211,068&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,799,067&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,017,183&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,164,925&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,217,303&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,400,059&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,615,764)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,573,917)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(200,329)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(216,807)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(492,874)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(650,366)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(382,043)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(475,606)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,691,010)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,916,696)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,106,523)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(913,217)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(168,940)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(176,867)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(400,338)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(379,391)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(208,723)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(271,825)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,884,524)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,741,300)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(821,640)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(822,540)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(94,514)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(108,372)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(230,646)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(216,632)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(185,568)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(158,008)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,332,368)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,305,552)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">588,505&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">446,604&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,369&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,208&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(8,518)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16,531&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,673&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,733&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">593,029&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">481,076&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,809)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17,947)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(821)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,227)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,636)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(7,715)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,303)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17,569)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(27,889)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,801,809&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,373,415&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>767,777&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>688,570&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,077,056&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,561,494&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>238,219&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>266,219&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,884,861&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,889,698&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(405,944)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(997,862)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,570)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(14,172)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,475,347&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,877,664&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(671,165)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(58,415)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,804,182&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,819,249&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Acquisition of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">689,204&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">751,513&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">100,599&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">125,561&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">182,134&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">216,360&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">43,958&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">59,519&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,015,895&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,152,953&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0 0 10pt">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">(continued)</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; font-style: normal"><B>CAC&nbsp;</B></FONT><B><FONT STYLE="font-family: Avantt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; font-style: normal"><B>Latin America &#8211; South</B></FONT><B><FONT STYLE="font-family: Avantt; font-style: normal"><SUP>&nbsp;(ii)</SUP></FONT></B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 28%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Segment assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">56,640,208&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">56,974,055&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">13,910,013&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">13,692,342&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">19,736,725&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16,084,960&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16,251,152&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,856,930&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">106,538,098&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">102,608,287&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Intersegment elimination</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,148,262)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,162,090)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt; font-style: normal; font-weight: normal">Non-segmented assets&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 8pt; font-style: normal; font-weight: normal"><SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">29,426,965&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">32,197,936&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>133,816,801&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>132,644,133&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Segment liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">23,138,842&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">28,841,281&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,659,964&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,981,469&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,969,098&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,095,432&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,912,308&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,130,990&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">37,680,212&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">44,049,172&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Intersegment elimination</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,148,262)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,161,919)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt; font-style: normal; font-weight: normal">Non-segmented liabilities&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 8pt; font-style: normal; font-weight: normal"><SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">98,284,851&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">90,756,880&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>133,816,801&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>132,644,133&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0">(i) CAC: includes the Dominican Republic, Panama, Guatemala, Cuba, Barbados, Saint Vincent, Dominica,
Nicaragua, Honduras and Antigua.</P>

<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0">(ii) Latin America &#8211; South: includes operations in Argentina, Bolivia, Chile, Paraguay and
Uruguay.</P>

<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0">(iii) <FONT STYLE="color: black; background-color: white">The non-segmented assets relate primarily
to cash and cash equivalents, taxes and investments balances. The non-segmented liabilities relate primarily to shareholders' equity,
taxes and derivatives balances.</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Non-current assets attributed to Brazil (country
of domicile of the company) and Canada <FONT STYLE="color: black; background-color: white">amounted to</FONT> R$45.1 billion and R$13.9billion,
respectively as of </FONT>March 31, 2024 <FONT STYLE="font-size: 11pt">(R$45.1 billion and R$13.9 billion, respectively, as of December
31, 2023). Furthermore, the net revenue attributable to the Company's operations in Argentine amount to R$2.6 billion as of March 31,
2024 (R$3.2 billion as of March 31, 2023), and segmented non-current assets attributed to the same country amounted R$8.8 billion for
the same period ended March 31, 2024 (R$5.9 billion as of December 31, 2023).</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt">(b)</FONT></TD><TD><FONT STYLE="font-family: Avantt">Additional information &#8211; by business unit:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Brazil</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Soft drinks and <BR>
Non-alcoholic and <BR>
non-carbonated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 36%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">9,687,509&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">9,270,152&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,024,409&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,776,564&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,711,918&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,046,716&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,812,476)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,791,491)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,137,402)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,000,793)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,949,878)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,792,284)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,875,033&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,478,661&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>887,007&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>775,771&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,762,040&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,254,432&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,296,008)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,265,423)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(319,756)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(308,494)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,615,764)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,573,917)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(994,560)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(823,646)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(111,963)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(89,571)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,106,523)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(913,217)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(709,523)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(709,494)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(112,117)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(113,046)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(821,640)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(822,540)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">475,055&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">348,787&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">113,450&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">97,817&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">588,505&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">446,604&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,809)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(15,734)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,213)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,809)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17,947)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,345,188&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,013,151&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>456,621&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>360,264&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,801,809&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,373,415&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(451,173)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(711,387)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,401)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,178)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,347,235&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,659,850&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">81,463&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">669,552&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,428,698&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,329,402&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt/115% Avantt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><B>16.</B></TD><TD><FONT STYLE="font-size: 12pt"><B>NET SALES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In compliance with the Brazilian Federal Law 6,404/76, Company discloses
the reconciliation between gross and net sales presented in the consolidated income statement. The values by each operational segment
are disclosed in note 15 &#8211; <I>Segment reporting</I>.</P>

<P STYLE="font: 12pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 47%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Gross sales</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">30,354,533&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">31,805,237&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Excise duty</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(6,232,642)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(6,239,600)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Discounts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(3,845,594)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(5,033,894)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>20,276,297&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>20,531,743&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">At March 31, 2024 the Company calculated R$306.1 million (R$313.2 million
at December 31, 2023), in government grants, registered in the net revenue As from March 2024, the Company is no longer required to pay
PIS and Cofins on the amounts calculated as a government grant for investment related to the tax benefits called presumed ICMS credits,
under the terms of Law No. 14,789/2024, due to a favorable preliminary decision obtained in the Federal Court.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Avantt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><B>17.</B></TD><TD><B>OTHER OPERATING INCOME/(EXPENSES)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 81%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; font-style: normal; font-weight: normal">Government grants/net present value of long-term fiscal incentives&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">385,613&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">369,513&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">(Additions)/reversals of provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(6,092)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(8,276)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Gains/(losses) on disposals of property, plant and equipment, intangible assets and the operations of associates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">20,683&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">28,077&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other operating income/(expenses), net</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">192,825&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">91,762&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>593,029&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>481,076&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) As detailed in note 16 &#8211; Net sales, as of March 2024, the Company
is no longer required to pay PIS and Cofins on the amounts calculated as a government grant for investment related to the tax benefits
called presumed ICMS credits, under the terms of Law No. 14,789/2024, due to a favorable preliminary decision obtained in the Federal
Court.</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt/13pt Avantt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><B>18.</B></TD><TD><FONT STYLE="font-size: 12pt"><B>EXCEPTIONAL ITEMS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 57%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; font-style: normal; font-weight: normal">Restructuring&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(17,569)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">(27,889)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>(17,569)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>(27,889)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) The restructuring expenses primarily related to centralization projects
and resizing in Brazil, Latin America CAC and Canada.</P>


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    <!-- Field: /Page -->

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>19.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>FINANCE RESULT</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Finance expenses</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Interest on accounts payable present value adjustment&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(332,140)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(367,820)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Interest on bank debts and tax incentives&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(46,960)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(42,003)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest on provision for disputes and litigation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(44,378)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(17,314)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Interest on leases&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(38,092)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(51,268)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest on pension plans</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(26,510)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(30,060)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Other interest expenses&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(132,348)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(155,718)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Losses on hedging instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(195,182)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(639,624)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Tax on financial transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(55,292)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(58,404)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Bank guarantee expenses and surety bond premiums&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(57,341)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(37,362)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(84,226)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(55,146)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total of finance expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,012,469)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,454,719)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Finance income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest and foreign exchange rate on loans to/from related parties</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">296&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">16,799&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Income from cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">384,384&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">148,819&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Income from debt securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">9,524&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">20,785&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Income from other receivables&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>(iv)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">191,692&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">174,814&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13,854&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">83,172&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>599,750&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>444,389&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">40,716&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">289,915&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total of finance income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>640,466&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>734,304&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal"><B>Exchange differences, net</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal"><SUP>&nbsp;(v)</SUP></FONT></B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(33,941)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(277,447)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Net finance result</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(405,944)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(997,862)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) From the 1st quarter of 2024 onwards, the balances previously presented
in the row &#8220;Interest expense&#8221; have been segregated between the rows, &#8220;Interest on bank debts and tax incentives&#8221;,
&#8220;Interest on accounts payable present value adjustment&#8221;, &#8220;Interest on leases&#8221;, and &#8220;Other interest expenses&#8221;,
including for comparative purposes.</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(ii) Includes, among others, interest on tax payment financing, under the
terms of the Special Tax Regularization Program (PERT) of 2017.</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(iii) Description changed to &#8220;Bank guarantee expenses and <FONT STYLE="color: #0D0D0D; background-color: white">surety
bond premiums</FONT>&#8221;, to better reflect the nature of the balances, including for comparative purposes, from the 1st quarter of
2024.</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(iv) Refers, mainly, to monetary adjustment of recoverable taxes.</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/108% Avantt; margin: 0; text-align: justify">(v) From the 1st quarter of 2024 onwards, the Company changed the way
it presents note 19 &#8211; <I>Net finance result.</I> <FONT STYLE="color: #0D0D0D; background-color: white">The </FONT><FONT STYLE="color: black">exchange
differences</FONT><FONT STYLE="color: #0D0D0D; background-color: white">, previously shown as financial expenses, are now presented net
of the balances of the same category, formerly reported as financial revenues. The net presentation of such balances is now reported in
the line item &#8220;<I>Exchange differences, net</I>&#8221;, both in this explanatory note and in the income statements.</FONT></P>

<P STYLE="font: 8pt/108% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">As disclosed in its accounting policy, the term element, which can be separated
and excluded from the designation of the financial instrument as a hedging instrument, is recognized in the financial result, in accordance
with IFRS 9 - Financial Instruments.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Interest expenses are presented net of the
effects of interest rate derivative financial instruments which mitigate Ambev&#8217;s interest rate risk (note </FONT>21<FONT STYLE="font-size: 11pt">-
<I>Financial instruments and risks</I>).</FONT></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>20.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>SHARE-BASED PAYMENTS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: black">Currently the Company has two plans of share-based
payment programs: (i) the Stock Option Plan, approved in Extraordinary General Meeting of July 30, 2013 (&#8220;Stock Option Plan&#8221;)
and (ii) Share-based Plan, approved in Extraordinary General Meeting of April 29, 2016, as amended in Extraordinary General Meeting of
April 24, 2020 (&#8220;Share-Based Plan&#8221;). Under </FONT>each of these plans, <FONT STYLE="color: black">the Company can periodically
issue different stock options and restricted share units programs. These programs allow certain Group employees and members of the Management,
indicated by the Board of Directors and People Committee, to either buy shares of the Company by exercising stock options or receive shares
directly.</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>20.1 Share-Based Plan</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">During the period, the Company granted 6,787 thousand restricted shares and
performance shares under the Share-Based Plan (33,686 thousand in December 31, 2023), representing a fair value of approximately R$85,384
in March 31, 2024 (R$463,533 in December 31, 2023).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The total number of shares granted to the Company&#8217;s executives under
the Share-Based Plan, which will be delivered in the future under certain conditions, is shown below:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>Restricted and performance shares</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>Thousand restricted shares</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Restricted and performance shares outstanding at January</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>118,996&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>108,854&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">New restricted and performance shares during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,787&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">33,686&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Restricted and performance shares granted during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(204)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(18,309)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Restricted and performance shares forfeited during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,486)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(5,235)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Restricted and performance shares outstanding at the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>124,093&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>118,996&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>20.2 Option Plan</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company has not granted <I>stock options</I>, neither there were options
exercised during the period ended March 31, 2024, and December 31, 2023. The total number of outstanding options developed was as follows:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>Thousand options</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Options outstanding at January</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>87,961&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>99,717&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Options forfeited during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(460)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(11,756)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Options outstanding at the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>87,501&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>87,961&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The range of exercise prices of the outstanding options is from R$15.95 in
March 31, 2024 (R$15.95 in December 31, 2023) to R$32.25 in March 31, 2024 (R$32.81 in December 31, 2023) and the weighted average remaining
contractual life is approximately 3.35 years (3.60 years in December 31, 2023).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Of the 87,501 thousand outstanding options (87,961 thousand on December 31,
2023), 68,369 thousand options were vested on March 31, 2024 (68,635 thousand on December 31, 2023).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The weighted average exercise price of the options is as follows:</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>In R$ per share</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: #1555E5 1.5pt solid; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Options outstanding at January 1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">18.86&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">19.39&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Options forfeited during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">18.16&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">22.68&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Options outstanding at the end of the period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">18.83&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">18.86&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Options exercisable at the end of the period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">19.05&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">19.08&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">To settle the exercised stock options, the Company may use treasury shares.
The current limit on the authorized capital is considered sufficient to meet the Company&#8217;s obligations under all stock option plans
if the issue of new shares is required to meet the grants awarded under the Programs.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>20.3 Expenses related to share-based payments</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The transactions with share-based payments described above generated an expense
of R$105,199 on March 31, 2024 (R$77,569 on March 31, <FONT STYLE="border: orange 1.5pt double">2023</FONT>), recorded as administrative
expenses.</P>


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<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>21.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>FINANCIAL INSTRUMENTS AND RISKS</B></FONT></TD></TR></TABLE>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>21.1 Financial instruments categories</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The financial instruments held by the Company are managed through operational
strategies and internal controls to assure liquidity, profitability, and transaction security. Transactions involving financial instruments
are regularly reviewed to assess the effectiveness of the risk exposure that management intends to cover (foreign exchange, and interest
rate, among others).</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The table below shows all of the consolidated financial instruments recognized
in the financial statements, segregated by category:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>31/03/2024</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>31/12/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Assets</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash and cash equivalents less bank overdrafts (note 5.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">12,844,524&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">16,059,003&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Trade receivables excluding prepaid expenses&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">6,933,390&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,566,654&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Investment securities (note 5.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">244,767&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">242,168&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>20,022,681&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>23,867,825&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Fair value through profit or loss</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Investment securities (note 5.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,077,190&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">277,164&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Derivatives hedges (note 21.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">281,974&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">379,722&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,359,164&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>656,886&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>21,381,845&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>24,524,711&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B><U>Amortized cost</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Trade payables (note 11)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">22,167,912&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">23,502,401&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest-bearing loans and borrowings (note 12)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,817,430&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,501,066&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,852,400&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,129,624&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>27,837,742&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>29,133,091&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B><U>Fair value through profit or loss</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Put options granted on subsidiaries</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>&nbsp;(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">828,923&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,791,088&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Derivatives hedges (note 21.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">408,133&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">763,005&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">279,833&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">272,647&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,516,889&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3,826,740&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>29,354,631&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>32,959,831&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #1555E5; font: 8pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) Put options granted on subsidiaries: the Company constituted a liability
related to the acquisition of a non-controlling interest of the operations in the Dominican Republic. This financial instrument was denominated
in US Dollars for Tranche A, exercised in January 2024 and <FONT STYLE="color: #0D0D0D; background-color: white">remains denominated
</FONT>Dominican Pesos for Tranche B and is recorded by an entity, whose functional currency is the Real. The Company assigned this financial
instrument as a hedging instrument for a portion of its net assets located in subsidiaries whose functional currency is the US Dollar
and the Dominican Peso, in such a manner that the hedge result can be recorded in other comprehensive income of the group, following
the result of the hedged item.</P>

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


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

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>21.2 Derivative financial instruments</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0"><B>Transactions protected by derivative financial instruments in accordance with the Financial
Risk Management Policy</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>03/31/2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Fair Value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Gain / (Losses)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 18%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Hedge position</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Risk</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Notional</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Finance Result</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Operational Result</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Cost</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>16,455,313&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>286,752&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(391,950)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(200,177)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(109,041)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(824,639)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><I>Commodities</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">4,081,901&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">76,399&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(155,436)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(74,093)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(73,668)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(155,895)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">12,284,167&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">201,636&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(237,644)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(127,215)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(35,902)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(668,985)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">Euros</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">26,891&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">102&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(194)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(94)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">120&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">78&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">Mexican Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">62,354&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">8,615&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">1,324&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">1,225&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">409&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">163&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Importing of fixed assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>260,214&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(3,766)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(12,647)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>516&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>1,645&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>5,158&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">260,214&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(3,766)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(12,647)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">516&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">1,645&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">5,158&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>66,649&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(1,012)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(3,536)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(1,826)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>404&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>1,017&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">66,649&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(1,012)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(3,536)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(1,826)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">404&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">1,017&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Cash</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(93,304)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(93,304)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>As at March 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>16,688,872&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>281,974&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(408,133)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(201,487)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(106,992)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(818,464)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2023</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Gain / (Losses)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 18%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Hedge position</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Risk</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Notional</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Finance Result</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Operational Result</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cost</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>17,374,318&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>379,571&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(741,901)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(567,258)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>95,653&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(81,789)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><I>Commodities</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,025,739&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">198,319&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(219,325)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(100,768)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(130,169)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,326&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13,200,032&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">164,916&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(522,348)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(466,562)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">224,627&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(89,130)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Euros</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">37,424&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">143&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(228)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(237)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">116&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">703&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Mexican Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">111,123&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">16,193&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">309&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,079&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,312&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Fixed Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>249,716&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>62&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(14,637)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(3,560)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,229)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(12,119)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">249,716&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">62&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(14,637)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(3,560)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,229)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(12,119)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>64,675&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>89&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(4,212)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(8,454)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>10,404&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,348&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">64,675&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">89&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,212)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(8,454)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">10,404&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,348&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(59,306)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,255)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(59,306)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,255)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>17,629,403&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>379,722&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(763,005)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(579,272)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>104,828&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(91,560)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>



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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
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<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>21.2.1 Instrument maturity</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">As of March 31, 2024 the notional and fair value amounts per instrument and maturity were as follows:</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Notional Value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Hedge position</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Risk</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2025</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>&gt;2026</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Cost</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>13,957,353&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,497,960&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>16,455,313&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>&nbsp;Commodities&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,522,701&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">559,200&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,081,901&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">&nbsp;US Dollars&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10,345,407&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,938,760&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12,284,167&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">&nbsp;Euros</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">26,891&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">26,891&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">&nbsp;Mexican Pesos&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">62,354&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">62,354&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Importing of fixed assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>207,116&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>53,098&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>260,214&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">207,116&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">53,098&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">260,214&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>51,666&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>14,983&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>66,649&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">51,666&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">14,983&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">66,649&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Cash</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(93,304)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(93,304)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(93,304)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(93,304)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>14,122,831&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,566,041&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>16,688,872&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Fair Value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Hedge position</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Risk</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2025</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>&gt;2026</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Costs</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(123,897)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>18,699&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(105,198)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>Commodities</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(79,980)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">943&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(79,037)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(53,764)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">17,756&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(36,008)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Euros</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(92)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(92)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Mexican Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">9,939&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">9,939&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Importing of fixed assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(16,656)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>243&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(16,413)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(16,656)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">243&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(16,413)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(4,442)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(106)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(4,548)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,442)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(106)</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,548)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(144,995)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>18,836&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(126,159)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>21.2.2 Margins pledged as guarantees</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In order to comply with the guarantee requirements regarding derivative exchanges
and/or counterparties to certain operations with derivative financial instruments, as at March 31, 2024 the Company held R$143,666 in
highly liquid financial investments or in cash, classified as cash and cash equivalents and investment securities (R$197,736 as at December
31, 2023).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>21.3 Classification of financial instruments&#9;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 41%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,077,190&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,077,190&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">277,164&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">277,164&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Derivatives &#8211; operational hedge</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">4,652&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">277,322&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">281,974&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">53,372&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">326,350&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">379,722&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,081,842&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>277,322&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,359,164&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>330,536&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>326,350&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>656,886&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Put options granted on subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">828,923&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">828,923&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,791,088&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,791,088&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">279,833&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">279,833&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">272,647&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">272,647&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Derivatives liabilities at fair value through profit and loss</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,255&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,255&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Derivatives &#8211; operational hedge</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">38,755&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">369,378&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">408,133&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">70,007&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">690,743&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">760,750&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>38,755&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>369,378&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,108,756&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,516,889&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>72,262&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>690,743&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>3,063,735&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>3,826,740&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>21.3.1 Financial instruments level 3</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">As part of the negotiations regarding the acquisition of the shares of Tenedora,
the Company signed in 2020 the second amendment to the Shareholders' Agreement extending the partnership between the Company and ELJ.
As at December 2023, ELJ was the owner of 15% of the shares of Tenedora, and its put options was divided into two tranches: (i) Tranche
A, corresponding to 12.11% of the shares, <FONT STYLE="color: black">that was exercised on January 31, 2024</FONT>; and (ii) Tranche B,
corresponding to 2.89% of the shares, exercisable by ELJ from 2026. The Company, on the other hand, has a call option over Tranche B shares,
exercisable from 2029. On March 31, 2024, the fair value of Tranche B held by ELJ, is R$828,923 (R$2,791,088 on December 31, 2023, <FONT STYLE="color: #0D0D0D; background-color: white">considering
the sum of the two tranches existing up to this point).</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The fair value of (i) Tranche A was calculated considering the interest under
the contract, plus foreign exchange variations, less the dividends paid between the date of signature of the amendment and the exercise
of the option. The fair value of (ii) Tranche B is calculated based on the EBITDA multiple defined in the contract, less the net debt,
brought to its present value, calculated using standard valuation techniques (the present value of the principal amount and future interest,
discounted by the local currency&#8217;s WACC rate as at the date of the calculation). The criteria used are based on market information
from reliable sources and are categorized as &#8220;Level 3&#8221;.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>21.3.2 Reconciliation of changes in the assets categorized at Level 3</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Financial liabilities at December 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,063,735&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">&nbsp;&nbsp; Acquisition of investments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,040,652)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Total gains and losses during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">85,673&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">&nbsp;&nbsp; Losses/(gains) recognized in net income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">30,453&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">&nbsp;&nbsp; Losses/(gains) recognized in equity</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">55,220&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Financial liabilities at March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,108,756&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>21.4 risk management</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company is exposed to foreign currency, interest rate, commodity price,
liquidity, and credit risk in the ordinary course of its business. The Company analyzes each of these risks both individually and on a
consolidated basis, to define strategies to manage the economic impact on risk&#8217;s performance consistent with its Financial Risk
Management Policy.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Avantt; font-size: 11pt; color: #1555E5"><B><BR STYLE="clear: both">
</B></FONT></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>21.4.1 Market risk</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #1555E5"><B>21.4.1.1 Interest rate risk</B></FONT><B>:</B>
consists of the possibility that the Company may incur losses due to fluctuations in interest rates, which may increase the financial
expenses of financial liabilities, and/or decrease the financial income of financial assets, as well as negatively impact the fair value
of financial assets measured at fair value. To mitigate this risk the Company applies a dynamic interest rate hedging approach, whereby
the target mix between fixed and floating rate debt is reviewed periodically. The purpose of the Company&#8217;s policy is to achieve
an optimal balance between the cost of funding and the volatility of financial results, considering market conditions. The Company&#8217;s
overall business strategy, which is reviewed periodically.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The table below demonstrates the Company&#8217;s and its subsidiaries exposure
related to debts. As at March 31, 2024, the Company and its subsidiaries does not hold hedge positions to the exposure described below:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Risk</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Interest rate</B></FONT></TD>
    <TD STYLE="width: 23%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Amount in Brazilian Real</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Interest rate</B></FONT></TD>
    <TD STYLE="width: 23%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Amount in Brazilian Real</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Brazilian Reais</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">2,345,393&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">2,372,010&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">11.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">388,642&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">11.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">405,613&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">14.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">25&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">14.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">24&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Canadian Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">5.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">856,045&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">480,255&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Pre-fixed interest rate&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>3,590,105&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>3,257,902&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; vertical-align: bottom; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Brazilian Reais</FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">8.0%</FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">227,325&nbsp;</FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">8.1%</FONT></TD>
    <TD STYLE="border-top: rgb(217,217,217) 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">243,164&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Post fixed interest rate&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>227,325&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>243,164&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>Sensitivity analysis</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company substantially mitigates the risks arising from non-derivative
financial assets and liabilities through the use of derivative financial instruments. In this context, the Company has identified the
main risk factors that could generate losses from these derivative financial instruments, and has developed a sensitivity analysis based
on three scenarios which may impact the Company&#8217;s future results and/or cash flow.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">Sensitivity analysis of exchange rate variations and commodity price variations:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 18%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Transaction</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Risk</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Probable scenario</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Adverse scenario</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Remote scenario</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>Commodities hedge</I></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">Increase in commodities price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(79,037)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">32,174&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">941,438&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,961,914&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Input purchases</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">79,037&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(37,908)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(987,278)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,053,593)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>Foreign exchange hedge</I></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign currency increase</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(26,161)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">107,483&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,067,192&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,160,545&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Input purchases</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">26,161&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(260,872)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(3,450,684)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(6,927,530)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Cost effects</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(159,123)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(429,332)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(858,664)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>Foreign exchange hedge</I></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign currency increase</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(16,413)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(15,211)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">48,641&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">113,694&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Capex Purchases</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">16,413&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">15,211&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(48,641)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(113,694)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Fixed asset effects</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>Foreign exchange hedge</I></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign currency increase</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,548)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,182)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12,114&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">28,776&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,548&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(7,414)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(41,105)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(86,758)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Result of expense effects</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(11,596)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(28,991)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(57,982)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign exchange hedge</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign currency increase</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(388)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(23,326)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(46,652)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Cash</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">388&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">23,326&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">46,652&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Cash effects</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>(170,719)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>(458,323)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>(916,646)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #1555E5"><B>21.4.1.2 Foreign currency risk:</B></FONT>
the Company is exposed to foreign currency risk on borrowings, investments, purchases, dividends and/or interest expenses/income where
these are denominated in a currency other than the functional currency of the Group entity. The main derivative financial instruments
used to manage foreign currency risk are futures contracts, swaps, options, non-deliverable forwards, and full deliverable forwards.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #1555E5"><B>21.4.1.3 Commodity Risk: </B></FONT>A significant
portion of the Company&#8217;s inputs is made up of commodities, which have historically experienced substantial price fluctuations. The
Company therefore uses both fixed prices purchasing contracts and derivative financial instruments to minimize its exposure to volatility
in the commodity prices of aluminum, sugar, wheat, corn and paraxylene. These derivative financial instruments have been designated as
cash flow hedges.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>21.4.2 Credit Risk</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify">A substantial portion of the Company&#8217;s sales is made to distributors,
supermarkets, and retailers, through a broad distribution network. Credit risk is reduced due to the large number of customers and control
procedures used to monitor risk. Historically, the Company has not incurred significant losses on receivables from customers.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In order to minimize the credit risk of its investments, the Company has
adopted procedures for the allocation of cash and investments, taking into consideration the credit limits and credit analysis of financial
institutions, avoiding credit concentration, i.e., the credit risk is monitored and minimized by restricting negotiations to a select
group of highly rated counterparties.</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">The counterparty risk is reassessed on a quarterly basis.</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The carrying amounts of cash and cash equivalents, investment securities,
trade receivables excluding prepaid expenses, recoverable taxes and derivative financial instruments are disclosed net of provisions for
impairment and represent the maximum exposure to credit risk as at March 31, 2024. As at March 31, 2024, there was no concentration of credit risk in any counterparties
in excess of the limits established by the Company&#8217;s risk policy.</P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>21.4.3 Liquidity Risk</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Historically, the Company&#8217;s primary sources of cash flow have been
cash flow from operating activities, the issuance of debt, bank borrowings and equity securities. Ambev&#8217;s material cash requirements
have included the following: debt servicing; capital expenditure; investments in companies; increases in the ownership of Ambev&#8217;s
subsidiaries or companies in which it holds equity investments; share buyback programs; and payments of dividends and interest on shareholders&#8217;
equity.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company believes that cash flows from operating activities, cash and
cash equivalents and short-term investments, together with derivatives and access to loan facilities are sufficient to finance capital
expenditures, financial liabilities, and dividend payments in the future.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 25%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>03/31/2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Contractual cash flows</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1-2 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2-3 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3-5 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>More than 5 years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Trade and other payables&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">30,484,279&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">32,073,713&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">29,362,278&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">145,202&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">12,350&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">842,447&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,711,436&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Secured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">517,164&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">556,620&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">430,712&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">25,181&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">25,182&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">50,364&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">25,181&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other secured loans</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">394,163&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">558,957&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">145,508&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">176,389&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">122,862&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">60,363&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">53,835&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Lease liabilities&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,906,103&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,475,847&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,319,855&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">880,699&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">562,625&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">513,190&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">199,478&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>34,301,709&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>36,665,137&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>31,258,353&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,227,471&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>723,019&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,466,364&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,989,930&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 26%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Contractual cash flows</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1-2 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2-3 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3-5 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>More than 5 years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Trade and other payables&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">36,817,788&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">38,453,664&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">35,522,500&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">439,912&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">10,606&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">808,553&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,672,093&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Secured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">126,566&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">177,794&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">26,704&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">25,182&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">25,181&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">50,364&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">50,363&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other secured loans</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">415,670&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">594,730&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">156,040&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">171,214&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">134,204&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">79,381&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">53,891&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Lease liabilities&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,958,830&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,473,027&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,343,980&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">608,305&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">552,630&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">452,614&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">515,498&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>40,318,854&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>42,699,215&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>37,049,224&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,244,613&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>722,621&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,390,912&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,291,845&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) Mainly includes amounts related to suppliers, taxes, fees and contributions
payables, dividends, and interest on equity payable, salaries and charges, put options related to the Company&#8217;s participation in
subsidiaries and other liabilities, except transactions with related parties.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 49 -->
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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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
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<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>21.4.4 Capital management</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company is continuously optimizing its capital structure in order to
maximize shareholder value while maintaining the desired financial flexibility to execute its strategic projects. Besides the statutory
minimum equity funding requirements applicable to the Company&#8217;s subsidiaries in different countries, the Company is not subject
to any externally imposed capital requirements. When analyzing the capital structure, the Company uses the same debt ratings and capital
classifications applied to the financial statements.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The company evaluates its net debt in order to guarantee the continuity of
its business in the long term.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Debt details</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Interest-bearing loans and borrowings current and non-current</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,817,430&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,501,066&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">(-) Financial assets at fair value through profit or loss</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,077,190)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(277,164)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">(-) Cash and cash equivalents less bank overdraft</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(12,844,524)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(16,059,003)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Net debt/(cash)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(10,104,284)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(12,835,101)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>21.5 Offsetting financial assets and liabilities</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">For financial assets and liabilities subject to settlement agreements on
a net basis or similar agreements, each agreement between the Company and the counterparty allows this type of settlement when both parties
opt for this. In the absence of such a decision, the assets and liabilities will be settled at their gross amounts, but each party will
have the option to settle on a net basis, in case of a default by the counterparty.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>21.6 Risks management of climate change and the sustainability
strategy</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Considering the nature of the Company&#8217;s operations there is an inherent
exposure to certain risks related to climate change, and relevant sustainability aspects.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #0D0D0D; background-color: white">There have been no
changes in the key risks considered by management compared to those presented in the financial statements for the year ended</FONT> December
31, 2023.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>22.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM
CUSTOMERS AND OTHERS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 58%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Collateral given for the Company&#8217;s own liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">592,477&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">581,019&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other commitments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,080,483&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,146,841&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,672,960&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,727,860&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Commitments to suppliers - Property, plant and equipment and Intangible</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,103,937&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,000,817&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Commitments to suppliers - Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">37,997,984&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">38,390,957&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>39,101,921&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>39,391,774&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify">As at March 31, 2024 the company had R$570,330 (R$558,182 as at December
31, 2023) of cash guarantees. The deposits in cash used as guarantees are presented as part of other assets. To provide the guarantees
required for derivatives exchanges and/or counterparties contracted in certain derivative financial instrument transactions, as at March
31, 2024, Ambev maintained R$143,666 (R$197,736 as at December 31, 2023) in highly liquid financial investments or in cash,
classified as cash and cash equivalents and investment securities (note 21 &#8211;
<I>Financial instruments and risks</I>).</P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify">Most of the balance relates to commitments to suppliers of packaging.
These commitments have as its main goal to provide strategic supplies of long term security to the Company, besides providing greater
security to vendors in long term investments.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Future contractual commitments as at March 31, 2024 and December 31, 2023
are as follows:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 58%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #1555E5 1.5pt solid; border-right: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Less than 1 year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">11,571,464&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">9,619,224&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Between 1 and 2 years</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">9,084,339&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">9,536,293&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">More than 2 years</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">18,446,118&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">20,236,257&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>39,101,921&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>39,391,774&nbsp;</B></FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>23.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>RELATED PARTIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company adopts the corporate governance practices recommended and/or
required by the applicable laws. Under the Company&#8217;s by-laws, the Board of Directors is responsible for approving any transactions
or agreements between the Company and/or any of its subsidiaries (except for full subsidiaries), its directors and/or shareholders (including
direct or indirect shareholders of the Company). The Governance Committee of the Company is required to advise the Board of Directors
on all transactions with related parties, among other subjects.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Management is prohibited from interfering in any transaction in which a conflict
of interest exists, even in theory, with the Company&#8217;s interests. Management also is not permitted to interfere in decisions of
any other members of management, and the minutes of meeting of the Board are required to document any decision to abstain from the respective
deliberations.</P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>23.1 Transactions with key management members</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The key management includes the <FONT STYLE="color: #0D0D0D; background-color: white">Statutory</FONT>
Executive Board and Board of Directors. In addition to short-term benefits (primarily salaries), management members are entitled to participate
in the share-based payment, as in note 20 &#8211; <I>Share-based payments</I>.</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">Total expenses related to the Company&#8217;s management members are as follow:</P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; font-style: normal; font-weight: normal">Short-term benefits</FONT><FONT STYLE="font-family: Avantt; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>&nbsp;(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">12,794&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">14,665&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; font-style: normal; font-weight: normal">Share-based payments&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">23,007&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt">18,148&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Total key management remuneration&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>35,801&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>32,813&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) These mainly correspond to management&#8217;s salaries and profit sharing
(including performance bonuses).</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/110% Avantt; margin: 0; text-align: justify">(ii) These correspond to compensation expenses of share options, restricted
stocks and performance stocks granted to Management. In total amounts above exclude remuneration paid to members of the Fiscal Council
and Committees.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Except the abovementioned remuneration, the Company has other types of transaction
with the Management members or pending balances receivable or payable in its balance sheet.</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>23.2 Transactions with the Company's shareholders:</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>23.2.1 Medical, dental and other benefits</B></P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Funda&ccedil;&atilde;o Zerrenner is one of Ambev&#8217;s shareholders, and
at March 31, 2024, held 10.2% of its total share capital. Funda&ccedil;&atilde;o Zerrenner is also an independent legal entity whose main
goal is to provide Ambev&#8217;s employees, both active and retired, with health care and dental assistance, technical and higher education
courses, facilities for assisting elderly people, either directly or through financial assistance agreements with other entities. As at
March 31, 2024, and December 31, 2023, actuarial obligations related to the benefits provided directly by Funda&ccedil;&atilde;o Zerrenner
were fully funded by plan assets, held for that purpose, which significantly exceeded the liabilities at these dates.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Ambev recognizes the assets (prepaid expenses) of this plan to the extent
of the economic benefits available to the Company, arising from reimbursements or from reductions in future contributions.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">On March 31, 2024, expenses incurred and recorded by Funda&ccedil;&atilde;o
Zerrenner with third parties for providing these benefits totaled R$83,068 (R$81,647 as at March 31, 2023), of which R$74,960 and R$8,108
were related to active employees and retirees, respectively (R$73,598 and R$8,049 as at March 31, 2023, respectively).</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0; text-align: justify"><B>23.2.2 Licensing agreement with AB Inbev</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">The Company has a licensing agreement with
Anheuser-Busch, Inc. S.A./N.V. (&#8220;AB Inbev&#8221;) to produce, bottle, sell and distribute Budweiser&reg; products in Brazil, Canada
and Argentina, and sales and distribution agreements for Budweiser&reg; products in Guatemala, the Dominican Republic, Paraguay, Bol&iacute;via,
Nicaragua, Uruguay, Chile, Panama, Costa Rica, Puerto Rico and <FONT STYLE="color: #0D0D0D; background-color: white">in certain other
CAC countries</FONT>. In addition, the Company produces and distributes Stella Artois&reg; products under a license to ABI in Brazil and</FONT>
<FONT STYLE="color: #0D0D0D; background-color: white">in other Latin America countries</FONT> <FONT STYLE="font-size: 11pt">and Canada
and, through a license granted to ABI, also distributes Brahma&reg; products in the United States and several other countries such as
the United Kingdom, Spain, Sweden, Finland and Greece.</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company and its subsidiaries have licensing agreements with the Group
Modelo, subsidiaries of AB Inbev to import, produce, promote and sell Corona&reg; products in Brazil, Canada, Argentina e Chile, as well
agreements to import, promote and sell Corona&reg; products in Latin America &#8211; South. The Company has agreements with Spaten-Franziskaner-Br&auml;u
GmbH, a subsidiary of ABI, to produce, promote, advertise and sell Spaten&reg; in Brazil and Canada, and agreements to import and distribute
Spaten&reg; products in Uruguay.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company and its subsidiaries also have agreements to import, promote
and resell Michelob Ultra&reg;, Michelob&reg; and Goose Island&reg; products in Brazil, Argentina, Chile, Uruguay, Paraguay, Guatemala,
Dominican Republic, Panama, Puerto Rico, Costa Rica, Nicaragua, and <FONT STYLE="color: #0D0D0D; background-color: white">in other CAC
countries</FONT> and Canada.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company has a licensing agreement with ABI Inbev <FONT STYLE="color: #0D0D0D; background-color: white">that
allow the Company and its subsidiaries to produce, promote and market </FONT>Cutwater&reg; in Canada, and allows ABI to produce, promote,
advertise and sell Nutrl&reg; in the United States.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</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%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In this context, on March 31, 2024, the Company recorded R$6,935 (R$5,776
as at March 31, 2023) and R$214,142 (R$185,427 as at March 31, 2023) as income and cost of sales relating to licensing, respectively in
their consolidated results.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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

<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>23.3 Transactions with related parties recognized in the income statement</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>03/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Company</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Sales and other</B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Service fees / Reimbursement of expenses and other receivables</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Product purchases and other</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Net finance cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Sales and other</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Service fees / Reimbursement of expenses and other receivables</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Product purchases and other</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Net finance cost</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">AB InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">35&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">51,302&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(50,935)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">203&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(54,808)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(31)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">AB Package</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(73,857)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(73,600)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">AB Services</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">69&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">16&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,709&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">AB USA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,900&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(201,215)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,776&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(208,577)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(19)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Bavaria</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">161,470&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(15,539)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">159,122&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(16,018)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Cervecer&iacute;a Modelo</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">90&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">54&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(239,936)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">63&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(206,886)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Cervecer&iacute;as Peruanas</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,091)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(70)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Inbev</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(9,400)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(15,158)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">ITW International</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">296&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">16,849&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,664&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,373&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(25,499)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,623&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,737&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(7,789)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; text-align: right; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>170,228&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; text-align: right; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>54,729&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; text-align: right; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; text-align: right; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>(618,472)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; text-align: right; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>301&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; text-align: right; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>173,600&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; text-align: right; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>5,649&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; text-align: right; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; text-align: right; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>(582,906)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; text-align: right; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>16,799&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">The amounts shown in this table mainly include commercial transactions - the
purchase and sale of inputs and finished products, as well as financial transactions and the reimbursement of expenses between the group's
companies, with the exception of royalties, which is disclosed in section 23.2.2.<BR STYLE="clear: both">
</P>


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<P STYLE="color: #1555E5; font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>23.4 Open balances with related parties</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Current</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 18%; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal"><B>&nbsp;Trade receivables</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal"><SUP>&nbsp;(i)&nbsp;</SUP></FONT></B></TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal"><B>&nbsp;Other trade receivables&nbsp;</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B><B><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal">&nbsp;</FONT></B></TD>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>&nbsp;Dividends receivables&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal"><B>&nbsp;Trade receivables</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal"><SUP>&nbsp;(i)&nbsp;</SUP></FONT></B></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal"><B>&nbsp;Other trade receivables&nbsp;</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B><B><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal">&nbsp;</FONT></B></TD>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>&nbsp;Dividends receivables&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">AB Africa</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,794&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,707&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">AB InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">180,074&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">139,223&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">AB Services</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">14,050&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">17,165&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">AB USA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">50,450&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">27,065&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Bavaria</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">45,398&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">10,373&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cervecer&iacute;a Modelo</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13,836&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">11,190&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cervecer&iacute;as Peruanas</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">153&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">42&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Inbev</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">&#8216;1,318&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">20,305&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,388&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">19,023&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Panama Holding</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,087&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,064&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,960&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,031&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">76,298&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">29&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">22,552&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">29&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 2pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2pt double; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>387,458&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2pt double; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>20,334&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2pt double; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,064&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2pt double; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>236,665&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2pt double; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>19,052&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 2pt double; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,031&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>03/31/2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 26%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 2%; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Non-current</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Company</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal"><B>Trade payables&nbsp;</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal"><B>Trade payables&nbsp;</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal"><B>Trade payables&nbsp;</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal"><B>Trade payables</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal"><SUP>&nbsp;(i)</SUP></FONT></B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">AB InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(77,761)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(21,454)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">AB Package</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(153,607)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(110,225)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">AB Services</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,037)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,388)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">AB USA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(206,544)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(209,572)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Bavaria</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(30,918)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(30,164)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; font-style: normal; font-weight: normal">Cervecer&iacute;a Modelo</FONT><FONT STYLE="font-family: Avantt; font-size: 9.5pt; font-style: normal; font-weight: normal"><SUP>&nbsp;(ii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,324,674)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,497,856)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cervecer&iacute;as Peruanas</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(9,857)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,919)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Inbev</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(11,886)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(8,728)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">ITW International</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(206,015)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(199,914)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">&#8216;(36,681)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(28,180)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 2pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 2pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,853,965)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 2pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; white-space: nowrap; border-bottom: rgb(21,85,229) 2pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(206,015)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,916,486)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(199,914)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) The amount represents trading operations (purchase and sale) and reimbursements
between the companies of the group.&#9;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(ii) The outstanding balances with Cervecer&iacute;a Modelo are mainly made
up of the accounts payable resulting from the new distribution agreement of Corona in Canada, as well as amounts for product purchases
and others.</P>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">List of companies included in the tables above:</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 100%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">Anheuser-Busch Inbev Africa (Pty) Ltd. (&#8220;AB Africa&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">Anheuser-Busch InBev N.V. (&#8220;AB InBev&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">Anheuser-Busch Inbev Services LLC (&#8220;AB Services&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">Anheuser-Busch Inbev USA LLC (&#8220;AB USA&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">Anheuser-Busch Packaging Group Inc. (&#8220;AB Package&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">Bavaria S.A. (&#8220;Bavaria&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">Cervecer&iacute;a Modelo de Mexico S. de R.L. de C.V. (&#8220;Cervecer&iacute;a Modelo&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">Cervecer&iacute;a Nacional S de RL (&#8220;Panam&aacute; Holding&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">Inbev Belgium N.V. (&#8220;Inbev&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">Interbrew International B.V. (&#8220;ITW International&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">Uni&oacute;n de Cervecerias Peruanas Backus Y Johnston S.A.A. (&#8220;Cervecer&iacute;as Peruanas&#8221;)</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #1555E5; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt"><B>24.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>EVENTS AFTER THE REPORTING PERIOD</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>Disallowance of tax paid abroad</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In April 2024, Ambev received a new tax assessment charging isolated fine
due to the alleged lack of monthly prepayments of Corporate Income taxes (&ldquo;IRPJ and CSLL&rdquo;) in calendar-year 2019. The mentioned
tax assessment is similar to others already received and against which the Company filed defenses, as reported in the consolidated financial
statements for the year ended December 31, 2023, in note <I>17.2.1 - Provisions, Contingent Liabilities and Contingent Assets, &ldquo;</I>Disallowance
of tax paid abroad&rdquo;. The Company will file the defense against such new tax assessment within the applicable legal term and await
for the analysis by the first administrative court. The value involved in this new tax assessment is of approximately R$575 million. The
Company, supported by its external legal advisor responsible for the case, estimates that the likelihood of loss for this new assessment
is possible and, accordingly, there will be no accrual in connection with it.</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>Deductibility of IOC Expenses</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; text-indent: 0in">In May 2024, Lower Administrative Court for Tax Appeals
(&ldquo;CARF&rdquo;) rendered a partially favorable decision in the tax assessment related to the deduction of the IOC in 2015 and 2016.
The CARF ruled unfavorably to Ambev in the accounting effects of the restructuring carried out by Ambev in 2013, and its impact on the
increase in the deductibility of IOC expenses, but reduced the qualified penalties and canceled partially the tax assessment in relation
to the difference between the calculation method applied by the tax authorities and the Company. Further, by a tie vote, CARF ruled unfavorably
to Ambev with respect to the alleged IOC payment from previous years and the isolated fine charged. Once the ruling is formally issued,
the Company will present the appropriate appeal and, together with our external advisors, will assess any impact of the judgment on the
contingency risk classification.</P>

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



<P STYLE="font: 8pt/107% Avantt; margin: 12pt 0 0; text-align: center"></P>



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

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

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



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

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

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Date:&nbsp;May 15, 2024</P>

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