<SEC-DOCUMENT>0001292814-14-002297.txt : 20141002
<SEC-HEADER>0001292814-14-002297.hdr.sgml : 20141002
<ACCEPTANCE-DATETIME>20141002082346
ACCESSION NUMBER:		0001292814-14-002297
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20141002
DATE AS OF CHANGE:		20141002

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36165
		FILM NUMBER:		141134711

	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
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<FILENAME>ambev20141002_6k.htm
<DESCRIPTION>FORM 6-K
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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Washington, D.C. 20549 </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>FORM 6-K</B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Report of Foreign Private Issuer<BR>Pursuant to Rule 13a-16 or 15d-16 of the</FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Securities Exchange Act of 1934</FONT></DIV>

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of October, 2014 </B></FONT></DIV>

<P align=justify></P><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1565025</B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>AMBEV S.A. </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Exact name of registrant as specified in its charter) </FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>AMBEV S.A. </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Translation of Registrant's name into English)</FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Rua Dr. Renato Paes de Barros, 1017 - 3rd Floor <BR>04530-000 S&#227;o Paulo, SP<BR>Federative Republic of Brazil </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Address of principal executive office)</FONT></DIV>

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<P><FONT color=#000000 size=3 face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.&nbsp; </FONT></P>

<P><FONT size=3 face="Times New Roman, Times, Serif"><BR>Form 20-F ___X___ Form 40-F _______</FONT> </P>

<P align=left>&nbsp;<FONT size=3 face="Times New Roman, Times, Serif">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. </FONT>&nbsp;</P><FONT size=3 face="Times New Roman, Times, Serif">Yes _______ No ___X____</FONT>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman">AMBEV S.A.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CNPJ No.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> 07.526.557/0001-00</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NIRE No.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> 35.300.368.941</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">A Publicly-Held Company</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">MINUTES OF THE EXTRAORDINARY GENERAL SHAREHOLDERS&#8217; MEETING HELD ON OCTOBER 1<SUP>ST</SUP>, 2014</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.25in"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">1.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=PT-BR color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Date, time and venue</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">: On October 1<SUP>st</SUP>, 2014, starting at 2 p.m., at the headquarters of Ambev S.A. (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Company</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&#8221;), located in the city of S&#227;o Paulo, State of S&#227;o Paulo, at Rua Dr. Renato Paes de Barros No. 1,017, 4<SUP>th</SUP> floor, Itaim Bibi.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.25in"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">2.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=PT-BR color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Call Notice</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">: Call notice was published in the &#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Di&#225;rio Oficial do Estado de S&#227;o Paulo</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&#8221;, in the editions of September 2, 3 and 4, 2014, on pages nos. 14, 19 and 11, respectively, and in the newspaper &#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Valor Econ&#244;mico</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&#8221;, in the editions of September 2, 3 and 4, 2014, on pages nos. A11, B08 and C11, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.25in; VERTICAL-ALIGN: baseline"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">3.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=PT-BR color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Attendance</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">: </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Shareholders representing 88.1204% of the total and voting capital stock of the Company, as confirmed by the signatures in the Company&#8217;s Shareholders&#8217; Attendance Book. The meeting was also attended by Mr. Victorio Carlos De Marchi, Co-Chairman of the Board of Directors, Mr. Celso Clemente Giacometti, effective member of the Fiscal Council and by Mr. </FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Eduardo Paiva</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">, representative of APSIS Consultoria Empresarial Ltda.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.25in; VERTICAL-ALIGN: baseline"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">4.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=PT-BR color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Presiding Board</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> Chairman: Victorio Carlos De Marchi; Secretary: </FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Monique Mavignier</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.25in; VERTICAL-ALIGN: baseline"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">5.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=PT-BR color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Resolutions</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> The following resolutions</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">were approved by</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">shareholders representing more than 2/3 of the capital stock of the Company, with abstentions and dissensions being duly registered by the presiding board in each case:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.1.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">To note that the minutes of this Shareholders&#8217; Meeting will be drawn-up in summary form and released with shareholders&#8217; signatures omitted, pursuant to section 130, items 1 and 2, of Brazilian Law No. 6,404/76.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.2.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">To approve, unanimously, </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#222222 face="Times New Roman">after examination and discussion</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, the Protocol and Justification of the Merger of Londrina Bebidas Ltda. (CNPJ No. </FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">02.125.403/0001-92</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">Londrina Bebidas</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) with and into the Company, executed on August 27, 2014 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Protocol and Justification</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; and &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Merger</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;, respectively).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.3.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">To confirm, by majority of votes, the retention of Apsis Consultoria Empresarial Ltda. (</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CNPJ No. 27.281.922/0001-70) (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Specialized Firm</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) to prepare a valuation report of </FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">Londrina Bebidas</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8217; net equity, </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#222222 face="Times New Roman">based on its</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> book value, for purposes of section 227 and pursuant to section 8 of Brazilian Law No. 6,404/76 (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Valuation Report</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.4.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#222222 face="Times New Roman">To approve, </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">by majority of votes, </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#222222 face="Times New Roman">after examination and discussion, the </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Valuation Report, registering that the Specialized Firm&#8217;s attending representative was available to provide all clarifications required in connection with the referred valuation report.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.5.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">To approve, unanimously, the Merger, pursuant to the Protocol and Justification.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.6.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">To note that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i)</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Merger will not result in an increase or decrease to the Company&#8217;s net equity or capital stock because the net equity of Londrina Bebidas, a wholly-owned subsidiary of the Company, is already fully reflected in the Company&#8217;s net equity, due to the Company&#8217;s observance of the equity method of accounting.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii)</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">With the liquidation of </FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">Londrina Bebidas</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, as a result of Merger, its quotas will be extinguished, pursuant to item 1 of section 226 of Law No. 6,404/76, with no issuance of Company shares in consideration for shareholder rights in </FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">Londrina Bebidas</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">. By virtue of these facts, it was clarified that </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">exchange ratios or withdrawal rights are inapplicable.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">(iii)</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Due to the characteristics of the Merger, Ambev has consulted the Brazilian Securities Commission (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">CVM</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&#8221;), requesting the waiver to comply with the applicable legal formalities set forth in sections 2 and 12 of Ruling No. 319/99 and with the preparation of the net equity valuation report required under section 264 of Law No. 6,404/76 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Consultation</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&#8221;). CVM has granted the requested waiver, and such conclusion was confirmed by the shareholders.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(iv)</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Company&#8217;s Fiscal Council issued, on August 27, 2014, an opinion favorable to the Merger approved herein.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.7.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">To authorize the Company&#8217;s Executive Committee to perform all acts necessary for the consummation of the Merger, including the termination of all registrations of Londrina Bebidas with the competent federal, </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#222222 face="Times New Roman">state and municipal </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">bodies, safekeeping the accounting books of Londrina Bebidas for the duration of the applicable legal term. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.8.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Considering the capital increase confirmed by the Board of Directors in the meeting held on July 14, 2014 in virtue of the subscription and full payment, by Company&#8217;s shareholders, of 21,919,490 new common shares issued as per resolution of the </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Extraordinary General Shareholders&#8217; Meeting held on April 28, 2014</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, and the capital increases approved and confirmed by the Board of Directors in the meetings held on May 14, 2014, August 27, 2014 and September 17, 2014, pursuant to article 8 of the Bylaws and section 168 of Law No. 6,404/76, due to the exercise of options by the beneficiaries of the Stock Option Plan, it was approved, &nbsp;unanimously, to amend the main paragraph part of article 5 of the Company&#8217;s Bylaws, which shall henceforth read as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 56.7pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&nbsp;&#8220;</FONT></I><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">First part of Section 5</FONT></I></B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> - The Capital Stock is of R$57,508,839,341.45, divided into 15,699,508,401 nominative common shares, without par value.&#8221;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 6pt 21.3pt; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.9.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">To restate the Bylaws of the Company, which after all the amendments approved herein, shall henceforth read according to </FONT><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit I</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> attached hereto.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.25in"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">6.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=PT-BR color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Closing</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> With</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">no further matters to be discussed, the present Minutes were drawn up in summary form and, after being read and acknowledged by all attending shareholders, were signed by the Presiding Board and all attending shareholders.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in"><B><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Signatures</FONT></U></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">:</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> Victorio Carlos De Marchi, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Chairman</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">, </FONT><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Monique Mavignier</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Secretary</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">; Celso Clemente Giacometti, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">effective member of the Fiscal Council</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">; APSIS Consultoria Empresarial Ltda., </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">represented by </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Eduardo Paiva</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Shareholders</FONT></U><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">: INTERBREW INTERNATIONAL B.V., </FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">represented by Luciana Rainho Marsal</FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">; AMBREW S.A., </FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">represented by Luciana Rainho Marsal; </FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">FUNDA&#199;&#195;O ANTONIO </FONT>

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<FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">E HELENA ZERRENNER INSTITUI&#199;&#195;O NACIONAL DE BENEFIC&#202;NCIA, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">represented by Jos&#233; Heitor Attilio Gracioso and Victorio Carlos de Marchi</FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">; JOS&#201; HEITOR ATT&#205;LIO GRACIOSO; VICTORIO CARLOS DE MARCHI; CLAUDIO DELGADO; THE BANK OF NEW YORK &#8211; ADR DEPARTMENT, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">represented by Marcelo Ronaldo Poli</FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">CAIXA DE PREVID&#202;NCIA DOS FUNCION&#193;RIOS DO BANCO DO BRASIL &#8211; PREVI</FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">, represented by M&#225;rcio de Oliveira Gottardo</FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">F. LAEISZ, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">represented by Christian Bruno Sch&#252;es</FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">; CHRISTIAN BRUNO SCH&#220;ES; MSQ BRV LLC, MSQ BRV LONG ONLY LLC, M SQUARE ALISIO FIA, NATO FI EM A&#199;&#213;ES - INVESTIMENTO NO EXTERIOR, MBV FUNDO DE INVESTIMENTO EM A&#199;&#213;ES, M SQUARE A&#199;&#213;ES CSHG MASTER INSTITUCIONAL FI A&#199;&#213;ES, M SQUARE A&#199;&#213;ES CSHG MASTER FIA, YALE UNIVERSITY, FIA SABESPREV M SQUARE A&#199;&#213;ES VALOR, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">represented by Francisco Jaguaribe de Lara Resende</FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">; LUIZ CARLOS SCHMIDT RITTER, ALEXANDRA PRUFER DE QUEIROZ CAMPOS ARAUJO, BEATRIZ KUNNING, PHILIPPE PRUFER, HANS HEINRICH KUNNING, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">represented by Philippe Prufer</FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman"> </FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">SARAH PREVID&#202;NCIA-FDO DE PENS&#195;O EMP.DA ASS.PIONEIRAS SOCIAIS, UNILEVERPREV - SOCIEDADE DE PREVID&#202;NCIA PRIVADA, BNP PARIBAS NOVA YORK FI MULTIMERCADO PREVIDENCI&#193;RIO, BNP Paribas Grand Prix IBVSP FI A&#231;&#245;es, BNP PARIBAS FI ADVANCE A&#199;&#213;ES PREVIDENCI&#193;RIO, BNP Paribas Aurora FI Multimercado, FUNDO DE INVESTIMENTO EM A&#199;&#213;ES MULTIPLY VARIABLE, FUNDO DE INVESTIMENTO EM A&#199;&#213;ES FUNEPP, VENEZA INSTITUCIONAL GEAP FUNDO DE INVESTIMENTO A&#199;&#213;ES, KPREV Fundo de Investimento Multimercado Cr&#233;dito Privado, FUNDO DE INVESTIMENTO EM A&#199;&#213;ES TOULOUSE, BNP PARIBAS FUNDO DE INVESTIMENTO EM A&#199;&#213;ES MIRANTE IBRX, BNP PARIBAS GRANVILLE FIM, ZURICH BNPP MASTER A&#199;&#213;ES PREVIDENCI&#193;RIO FI, BNP Paribas Mapfre Master A&#231;&#245;es FI Previdenci&#225;rio, BNP Paribas Master IBrX Fundo de Investimento A&#231;&#245;es, FUNDO DE INVESTIMENTO MAIS VIDA MULTIMERCADO I, ENERPREV IBRX-100 (A) FUNDO DE INVESTIMENTO EM A&#199;&#213;ES, FUNDO DE INVESTIMENTO EM A&#199;&#213;ES GAROTO, FUNDO DE INVESTIMENTO DE A&#199;&#213;ES TURMALINA, METLIFE PREVIDENCI&#193;RIO C15 FUNDO DE INVESTIMENTO MULTIMERCADO, BNP PARIBAS EQD BRAZIL FUND FIM CRED. </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">PRIV. INVES. EXTERIOR, BNP PARIBAS PGBL MODERADO FI MULTIMERCADO PREVIDENCI&#193;RIO, BNP PARIBAS PGBL DIN&#194;MICO FI MULTIMERCADO PREVIDENCI&#193;RIO, PARVEST</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">, represented by Clarissa Sanches Casal</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">; ABERDEEN LATIN AMERICA EQUITY FUND, INC, ALGER EMERGING MARKETS FUND, ALGER SICAV CHINA - US GROWTH FUND, ANCHOR GLOBAL EMERGING MARKETS EQUITY FUND, FIDELITY SALEM STREET TRUST: SPARTAN EMERGING MARKETS INDEX FUND, FIDELITY SALEM STREET TRUST: SPARTAN GLOBAL EX U.S. INDEX FUND, JAPAN TRUSTEE SERVICES BANK, LTD RE: STB EMERGING MARKETS HIGH DIVIDEND EQUITY MOTHER FUND, JAPAN TRUSTEE SERVICES BANK, LTD. RE: RTB NIKKO BRAZIL EQUITY ACTIVE MOTHER FUND, NORTHWESTERN MUTUAL SERIES FUND, INC. - INTERNATIONAL GROWTH PORTFOLIO, NZAM EM8 EQUITY PASSIVE FUND, PYRAMIS GROUP TRUST FOR EMPLOYEE BENEFIT PLANS, SCHWAB FUNDAMENTAL EMERGING MARKETS LARGE COMPANY INDEX FUND, THE NOMURA TRUST AND BANKING CO., LTD. RE: INT. EMERGING STOCK INDEX MSCI EMERGING NO HEDGE MOTHER, THE </FONT>

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<FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">SEI EMERGING MARKETS EQUITY FUND, VANGUARD EMERGING MARKETS STOCK INDEX FUND, VANGUARD FTSE ALL-WORLD EX-US INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDS, VANGUARD FUNDS PUBLIC LIMITED COMPANY, VANGUARD INTERNATIONAL VALUE FUND, VANGUARD TOTAL WORLD STOCK INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDS, VANGUARD VARIABLE INSURANCE FUND-INTERNATIONAL PORTFOLIO, SCRI ROBECO CUSTOMIZED QUANT EMERGING MARKETS FONDS, SCRI ROBECO INSTITUTIONEEL EMERGING MARKETS QUANT FONDS, THREADNEEDLE SPECIALIST INVESTMENT FUNDS ICVC GLOBAL EQUITY INCOME FUND, HOSTPLUS SUPERANNUATION FUND, NATIONAL COUNCIL FOR SOCIAL SECURITY FUND, NATIONAL COUNCIL FOR SOCIAL SECURITY FUND, BAXTER STREET FUND, L.P., COOPER SQUARE FUND, L.P., ABU DHABI RETIREMENT PENSIONS AND BENEFITS FUND, PICTET FUNDS S.A RE: PI(CH)-EMERGING MARKETS TRACKER, PICTET - EMERGING MARKETS INDEX, PICTET GLOBAL SELECTION FUND - GLOBAL HIGH YIELD EMERGING EQUITIES FUND, ABERDEEN LATIN AMERICAN EQUITY FUND, A SERIES OF ABERDEEN FUNDS, BLACKROCK CDN MSCI EMERGING MARKETS INDEX FUND, BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A.., BRITISH AIRWAYS PENSION TRUSTEES LIMITED - MAIN A/C, BRITISH AIRWAYS PENSION TRUSTEES LTD. (MPF A/C), CAISSE DE DEPOT ET PLACEMENT DU QUEBEC, CALAMOS EVOLVING WORLD GROWTH FUND, CALAMOS GLOBAL DYNAMIC INCOME FUND, CHANG HWA COMMERCIAL BANK, LTD., IN ITS CAPACITY AS MASTER CUSTODIAN OF ING BRAZIL FUND, CITY OF NEW YORK GROUP TRUST, COLLEGE RETIREMENT EQUITIES FUND, DIVERSIFIED MARKETS (2010) POOLED FUND TRUST, EMERGING HIGH DIVIDEND EQUITY FUND, EMERGING MARKETS EQUITY INDEX MASTER FUND, EMERGING MARKETS EQUITY INDEX PLUS FUND, EMERGING MARKETS EQUITY TRUST 4, EMERGING MARKETS EX-CONTROVERSIAL WEAPONS EQUITY INDEX FUND B, EMERGING MARKETS INDEX NON-LENDABLE FUND, EMERGING MARKETS INDEX NON-LENDABLE FUND B, EMERGING MARKETS PLUS SERIES OF BLACKROCK QUANTITATIVE PARTNERS, L.P., EMERGING MARKETS SUDAN FREE EQUITY INDEX FUND, F&amp;C PORTFOLIOS FUND - F&amp;C LATIN AMERICAN EQUITY, FIDELITY INTERNATIONAL DISCIPLINED EQUITY FUND, GMAM GROUP PENSION TRUST II, GMAM INVESTMENT FUNDS TRUST, HARTFORD HEALTHCARE CORPORATION DEFINED BENEFIT MASTER TRUST AGREEMENT, HEXAVEST ACWI EQUITY FUND, IBM 401(K) PLUS PLAN, ILLINOIS STATE BOARD OF INVESTMENT, INVESCO MACRO INTERNATIONAL EQUITY FUND, INVESCO MACRO LONG/SHORT FUND, ISHARES II PUBLIC LIMITED COMPANY, ISHARES III PUBLIC LIMITED COMPANY, ISHARES MSCI ACWI EX US INDEX FUND, ISHARES MSCI ACWI INDEX FUND, ISHARES MSCI BRAZIL CAPPED ETF, ISHARES MSCI BRIC INDEX FUND, ISHARES MSCI EMERGING MARKETS INDEX FUND, ISHARES MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND, ISHARES PUBLIC LIMITED COMPANY, ISHARES V PUBLIC LIMITED COMPANY, ISHARES VI PUBLIC LIMITED COMPANY, ISHARES VII PUBLIC LIMITED </FONT>

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<FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">(ACWI) EX-US FUND-LENDING, NORTHERN TRUST COLLECTIVE EMERGING MARKETS INDEX FUND-LENDING, NTGI - QUANTITATIVE MANAGEMENT COLLECTIVE FUNDS TRUST, OYSTER CREEK NUCLEAR GENERATING STATION QUALIFIED FUND, PYRAMIS GLOBAL EX U.S. INDEX FUND LP, STATE UNIVERSITY RETIREMENT SYSTEM, THE BARING EMERGING MARKETS UMBRELLA FUND, SUB FUND, THE BARING LATIN AMERICA FUND, THE ILLINOIS MUNICIPAL EMPLOYEES RETIREMENT FUND, THE PFIZER MASTER TRUST, THREE MILE ISLAND UNIT ONE QUALIFIED FUND, TYCO ELECTRONICS DEFINED BENEFIT PLNS MASTER TST, UTAH STATE RETIREMENT SYSTEMS, WHEELS COMMON INVESTMENT FUND, BRITISH COAL STAFF SUPERANNUATION SCHEME, CITY OF PHILADELPHIA PUBLIC EMPLOYEES RETIREMENT SYSTEM, CONSTRUCTION &amp; BUILDING UNIONS SUPERANNUATION FUND, CURIAN/ABERDEEN LATIN AMERICA FUND, FIDELITY INSTITUTIONAL FUNDS ICVC - SELECT EMERGING MARKETS EQUITIES FUND, FIDELITY INVESTMENTS MONEY MANAGEMENT INC., FRANKLIN TEMPLETON CORPORATE CLASS LTD, FRANKLIN TEMPLETON INVESTMENT FUNDS, GOVERNMENT PENSION FUND, JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, JP MORGAN CHASE RETIREMENT PLAN, JPMORGAN BRAZIL INVESTMENT TRUST PLC, JPMORGAN FUNDS, MORGAN STANLEY INVESTMENT FUNDS LATIN AMERICAN EQUITY FUND, NEW WORLD FUND INC., NEW YORK LIFE INSURANCE COMPANY, NEW YORK STATE COMMON RETIREMENT FUND, NORGES BANK, SBC MASTER PENSION TRUST, SCHRODER GLOBAL BLEND EX TOBACCO FUND, SCHRODER GLOBAL MULTI-ASSET INCOME FUND, SCHRODER QEP EMERGING MARKETS FUND, STATE OF NEW MEXICO STATE INVESTMENT COUNCIL, STATE OF WYOMING, STATE OF WYOMING, STICHTING DEPOSITARY APG EMERGING MARKETS EQUITY POOL, TEMPLETON DEVELOPING MARKETS SECURITIES FUND, TEMPLETON DEVELOPING MARKETS TRUST, TEMPLETON EMERGING MARKETS FUND, TEMPLETON GLOBAL INVESTMENT TRUST - TEMPLETON BRIC FUND, TEMPLETON GLOBAL INVESTMENT TRUST &#8211; TEMPLETON EMERGING MARKETS BALANCED FUND, TEMPLETON INSTITUTIONAL FUNDS- EMERGING MARKETS SERIES, TEMPLETON INTERNATIONAL EMERGING MARKETS FUND, THE BOEING COMPANY EMPLOYEE RETIREMENT PLANS MASTER TRUST, THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBC400045787, THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045828, THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045829, THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045835, THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB400045792, THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB400045795, THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB400045796, UNI-GLOBAL EQUITIES EMERGING MARKETS, UNIVERSITIES SUPERANNUATION SCHEME LTD, VANGUARD INVESTMENT SERIES, PLC, VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND, A SERIES OF VANGUARD STAR FUNDS, VANGUARD WORLD FUND INTERNATIONAL GROWTH FUND, VIRTUS EMERGING MARKETS EQUITY INCOME FUND, </FONT>

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<FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">SCHRODER VALOR FUNDO DE INVESTIMENTO EM A&#199;&#213;ES, ITA&#218; A&#199;&#213;ES TIMING FI, ABERDEEN GLOBAL - LATIN AMERICAN EQUITY FUND, ABERDEEN GLOBAL BRAZIL EQUITY FUND, ABERDEEN LATIN AMERICAN INCOME FUND LLC, ABERDEEN STRATEGIC BRASIL FUNDO DE INVESTIMENTO MULTIMERCADO, BNP PARIBAS TRUST SERVICES SINGAPORE LIMITED AS TRUSTEE OF NIKKO AM GLOBAL DIVIDEND EQUITY FUND, THE ROYAL BANK OF SCOTLAND PLS AS DEPOSITARY OF ABERDEEN LATIN AMERICAN EQUITY FUND, TYNDALL WHOLESALE MULTI MANAGER GLOBAL EQUITY FUND &#8211; UNHEDGED, ARISAIG FUNDS PLC, ARISAIG GLOBAL EMERGING MARKETS CONSUMER FUND LLC, ARISAIG LATIN AMERICA CONSUMER FUND LLC, BEST INVESTMENT CORPORATION, BRITISH COLUMBIA INVESTMENT MANAGEMENT CORPORATION, EMERGING MARKETS EQUITY CORPORATE CLASS, EMERGING MARKETS EQUITY POOL, INVESCO EMERGING MARKETS EQUITY POOL, NORTHERN IRELAND LOCAL GOVERNMENT OFFICERS SUPERANNUATION COMMITTEE, SELECT INCOME ADVANTAGE MANAGED TRUST, SELECT INTERNATIONAL EQUITY MANAGED CORPORATE CLASS, SELECT INTERNATIONAL EQUITY MANAGED FUND, SIGNATURE DIVIDEND CORPORATE CLASS, SIGNATURE DIVIDEND FUND, SIGNATURE EMERGING MARKETS CORPORATE CLASS, SIGNATURE EMERGING MARKETS FUND, SIGNATURE GLOBAL DIVIDEND FUND, TRIMARK EMERGING MARKETS CLASS, FIDELITY ACTIVE&nbsp;STRATEGY SICAV, BLACKWELL PARTNERS, LLC, HFR HE LAZARD GLOBAL HEXAGON MASTER TRUST, LAZARD GLOBAL HEXAGON MASTER F LP, STARTOURS FUNDO DE INVESTIMENTO EM A&#199;&#213;ES, COMPASS OFFSHORE SAV II PCC LIMITED, COMPASS SAV II LLC, BAXTER STREET FUND II, L.P., KEMNAY BAXTER LIMITED, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">represented by Anderson Carlos Koch</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">; BB PREVIDENCIA A&#199;&#213;ES FI, BB CAP A&#199;&#213;ES FDO DE INVESTIMENTO, BB TOP MULTI BALANCEADO FI, BB A&#199;&#213;ES IBRX ATIVO FI, BB TERRA DO SOL FI MM, BB CAP IBOVESPA INDEXADO FIA, BB ECO GOLD FDO DE INV EM A&#199;&#213;ES, BB OROBO FI EM A&#199;&#213;ES, CLUBE DE INV DOS FUNC DA NOSSA CAIXA/NOSSO BANCO, BB TOP MULTI MODERADO LP FUNDO DE INVESTIMENTO MULTIMERCADO, BB TOP A&#199;&#213;ES DIVIDENDOS FIA, BB TOP A&#199;&#213;ES EXPORTA&#199;&#195;O FIA, BRASILPREV TOP A&#199;&#213;ES DIVIDENDOS FDO DE INVESTIMENTO, BRASILPREV TOP A FUNDO DE INVESTIMENTO EM A&#199;&#213;ES, BB TOP MULTI INSTITUCIONAL LP FI MULTIMERCADO, BB TOP MULTI C LP FUNDO DE INVESTIMENTO MULTIMERCADO, BB TOP A&#199;&#213;ES IBOVESPA INDEXADO FI, BB TOP A&#199;&#213;ES SETORIAL CONSUMO FI, BB TOP A&#199;&#213;ES IBRX INDEXADO FI, BB TOP A&#199;&#213;ES IBOVESPA ATIVO FI, BB A&#199;&#213;ES 22 FI, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">represented by Ana Luiza Bosqu&#234; Keedi</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">I certify that the present minutes conform to the original drawn up in the proper book.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">S&#227;o Paulo, October 1<SUP>st</SUP>, 2014</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">/s/Monique Mavignier</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Secretary</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">EXHIBIT I</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Restated Bylaws</FONT></I></P>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">&#8220;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">AMBEV S.A.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">CNPJ n&#186; 07.526.557/0001-00</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NIRE 35.300.368.941</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BY-LAWS</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CHAPTER I</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">NAME, HEADQUARTERS, PURPOSE AND DURATION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 1 -</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> AMBEV S.A. (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Company</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) is a corporation (</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">sociedade an&#244;nima</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">), which shall be governed by these By-laws and by applicable law. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 2 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Company has its headquarters and jurisdiction in the City of S&#227;o Paulo, State of S&#227;o Paulo. Branches, offices, deposits or representation agencies may be opened, maintained and closed elsewhere in Brazil or abroad, by resolution of its Board of Directors, for achievement of the Company&#8217;s purposes.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 3 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The purpose of the Company, either directly or by participation in other companies, is:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the production and trading of beer, concentrates, soft drinks and other beverages, as well as foods and drinks in general, including ready-to-drink liquid compounds, flavored liquid preparations, powdered or tubbed guaran&#225;;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the production and trading of raw materials required for the industrialization of beverages and byproducts, such as malt, barley, ice, carbonic gas, as well as apparatus, machinery, equipment, and anything else that may be necessary or useful for the activities listed in item (a) above, including the </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">manufacturing and sale of packages for beverages, as well as the manufacturing, sale and industrial use of raw material necessary for the manufacturing of such packages</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">;&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the production, certification and commerce of seeds and grains, as well as the commerce of fertilizers and fungicides and other related activities, as necessary or useful to the development of the main activities of the Company as stated in these By-laws;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the packaging and wrapping of any of the products belonging to it or to third parties;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the agricultural cultivation and promotion activities in the field of cereals and fruits which are the raw material used by the Company in its industrial activities, as well as in other sectors that require a more dynamic approach in the </FONT>

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<FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">exploration of the virtues of the Brazilian soil, mainly in the food and health segments;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">f)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the operation on the following areas: research, prospecting, extraction, processing, industrialization, commercialization and distribution of mineral water, in all national territory;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">g)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the beneficiation, expurgation and other phytosanitary services, and industrialization of products resulting from the activities listed in item (d) above, either for meeting the purposes of its industry or for trading of its byproducts, including, but not limited to, byproducts for animal feeding;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">h)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the advertising of products belonging to it and to third parties, and the trading of&nbsp; promotional and advertising materials;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the rendering of technical, market and administrative assistance services and other services directly or indirectly related to the core activities of the Company;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">j)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the importation of anything necessary for its industry and trade;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">k)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the exportation of its products;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">l)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the direct or indirect exploration of bars, restaurants, luncheonettes and similar places; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the contracting, sale and/or distribution of its products and the products of its controlled companies, either directly or through third parties, using the means of transport required for distribution of such products, byproducts or accessories, and adoption of any system or instruction that, at the discretion of the Board of Directors, may lead to the envisaged purposes;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n) printing and reproduction of recorded materials, including the activities of printing, services of preprinting and graphic finishing and reproduction of recorded materials in any base.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sole Paragraph &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Additionally to the provisions of the caption of this Article, the Company may participate in or associate itself with other commercial and civil companies, as partner, shareholder or quotaholder, in Brazil or abroad.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 4 &#8211;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> The Company is established for an indeterminate term.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CHAPTER II</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CAPITAL STOCK AND SHARES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 5 &#8211;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> The Capital Stock is of R$57,508,839,341.45, divided into 15,699,508,401 nominative common shares, without par value.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Each common share shall be entitled to one vote in the resolutions of the Shareholders&#8217; Meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Company shares are in the book-entry form, and shall be held in a deposit account in the name of the respective holders, with a financial institution indicated by the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 3 &#8211;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> The Company may suspend the services of transfer and splitting of shares and certificates in accordance with the Shareholders&#8217; Meeting's determination, provided that this suspension does not exceed ninety (90) intercalary days during the fiscal year or fifteen (15) consecutive days.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 6 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Company is authorized to increase its share capital up to the limit of 19,000,000 (nineteen billion) shares, irrespective of an amendment to the By-laws, by resolution of the Board of Directors, which shall resolve on the paying-up conditions, the characteristics of the shares to be issued and the issue price, and shall establish whether the increase shall be carried out by public or private subscription.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sole Paragraph &#8211;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> The issuance of shares pursuant to any special laws regarding fiscal incentives (art. 172, sole paragraph, of Law 6,404/76) shall not give rise to preemptive rights to shareholders; provided, however, that shares subscribed with funds originated from fiscal incentives shall not carry preemptive rights for subscription in connection with any issuance of shares after such subscription. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 7 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The issuance of shares, debentures convertible into shares and subscription bonds, the placement of which shall be made (i) by sale on the stock exchange; (ii) by public subscription; or (iii) for share swap, in a public offering for acquisition of control which, under the terms of articles 257 and 263, of Law 6,404/76, may be carried out with exclusion of the preemptive right or with reduction in the period which is addressed in article 171, paragraph 4 of Law 6,404/76. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 8 &#8211;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> The Board of Directors may, based on a plan approved by the Shareholders&#8217; Meeting, grant call options to management, employees or individuals that render services to the Company or companies under its control.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 9 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Failure by the subscriber to pay the subscribed value, on the conditions set forth in the bulletin or call shall cause it to be considered in default by operation of law, for purposes of articles 106 and 107 of Law 6,404/76, subjecting it to the payment of the amount in arrears, adjusted for inflation according to the variation in the General Market Price Index (IGP-M) in the shortest period permitted by law, in addition to interest at twelve percent (12%) per year, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">pro rata temporis</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, and a fine corresponding to ten percent (10%) of the amount in arrears, duly updated.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CHAPTER III</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SHAREHOLDERS&#8217; MEETINGS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 10 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Shareholders&#8217; Meeting has the power to decide on all businesses related to the object of the Company and to take any resolutions it may deem advisable for its protection and development.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 11 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Shareholders&#8217; Meetings shall be convened and presided over by one of the Co-Chairmen of the Board of Directors, or person appointed by them, who may designate up to two secretaries.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 12 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any resolutions of the Shareholders&#8217; Meetings, except for the cases contemplated by law, shall be taken by an absolute majority of votes, excluding any blank votes.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 13 &#8211;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> Annual Shareholders&#8217; Meetings shall be held within the first four months after the end of the fiscal year, and shall decide on matters under their authority, as set forth in law.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 14 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Extraordinary Shareholders&#8217; Meetings shall be held whenever the interests of the Company so require, as well as in the events established in law and in these By-laws.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CHAPTER IV</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MANAGEMENT OF THE COMPANY</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 15 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Company shall be managed by a Board of Directors and a Board of Executive Officers, pursuant to law and these By-laws.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Shareholders&#8217; Meeting shall establish the aggregate compensation of the Management, which shall be apportioned by the Board of Directors, as provided for in Article 21 hereof.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2 </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8211; The management must adhere to the Manual on Disclosure and Use of Information and Policy for the Trading with Securities Issued by the Company, by executing the Joinder Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 3 - </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The offices of Co-Chairmen of the Board of Directors and Chief Executive Officer of the Company may not be cumulated by the same person.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Paragraph 4</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> - At </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">least</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> two members of the Board of Directors of the Company will be Independent Directors, it being understood, for the purposes hereof, as Independent Directors those in compliance with the following requirements:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">he/she must not be a Controlling Shareholder, or spouse or relative up to second-degree thereof;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">he/she must not have been, for the last three years, an employee or officer (i) of the Company or of a company controlled by the Company, or (ii) of the Controlling Shareholder or of a company controlled thereby (&#8220;Jointly-Controlled Company&#8221;); </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">he/she must not be a supplier or buyer, whether direct or indirect, of services and/or products of the Company, of a company controlled by the Company, of the Controlling Shareholder or of a Jointly-Controlled Company, in all cases in magnitude which implies in the loss of independence; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">he/she must not be an employee or manager of a company or entity which is offering or requesting services and/or products of the Company, of a company controlled by the Company, of the Controlling Shareholder or of a Jointly-Controlled Company, as per item (c) above;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">he/she must not be a spouse or relative up to second degree of any manager of the Company, of a company controlled by the Company, of the Controlling Shareholder or of a Jointly-Controlled Company; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">f)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">he/she must not receive compensation by the Company, by a company controlled by the Company, by the Controlling Shareholder or by a Jointly-Controlled Company, except as a member of the Board of Directors (cash provisions from capital interests are excluded from this restriction).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Paragraph 5</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> - Directors elected pursuant to art. 141, paragraphs 4 and 5, of Law 6,404/76 will also be considered Independent Directors, notwithstanding of complying with the independence criteria provided in this Article.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SECTION I</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BOARD OF DIRECTORS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 16</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &#8211; The Board of Directors shall be composed of three (3) to fifteen (15) sitting members, with two (2) to fifteen (15) alternates, bound or not to a specific sitting Director, and shall be elected by the Shareholders&#8217; Meeting and be dismissed thereby at any time, with a term of office of three (3) years, reelection being permitted.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1- </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Subject to the caption of this Article, the number of members that will make up the Board of Directors in each management period shall be previously established at each Shareholders&#8217; Meeting whose agenda includes election of the members of the Board of Directors, and this matter shall be forwarded by the Chairman of the Shareholders&#8217; Meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> - The Board of Directors may determine the creation of advisory committees formed in its majority by members of the Board of Directors, defining their respective composition and specific duties.&nbsp; The rules of article 160 of Law No. 6,404/76&nbsp;shall apply to members of the advisory committees.&nbsp; It will be incumbent upon said committees to analyze and discuss the issues defined as being within the scope of their duties, as well as to formulate proposals and recommendations for deliberation by the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 3- </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The members of the Board of Directors shall be invested in office upon the execution of the respective instrument, drawn up in the proper book, and shall remain in office until they are replaced by their successors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 4 - </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Director shall have an indisputable reputation, and cannot be elected, unless waived by the Shareholders&#8217; Meeting, if it (i) occupies a position in companies that can be considered as a competitor of the Company, or (ii) has or represents a conflicting interest with the Company; the voting rights of the Director cannot be exercised by him/her in case the same impediment factors are configured. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 17</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> - The Board of Directors shall have two (2) Co-Chairmen, with identical prerogatives and duties, who shall be elected by a majority of the members of the Board of Directors, immediately after said members are invested in office.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 18 </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">- The Board of Directors shall meet, ordinarily, at least once each quarter and, extraordinarily, whenever necessary, upon call by any of its Co-Chairmen or by the majority of its members, through letter, email, telegram or personally, with at least 24 (twenty-four) hours in advance.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 19 - </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Board of Directors shall be convened, operate and pass valid resolutions by the favorable vote of the majority of its members present in the meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &#8211; The Directors may attend meetings by telephone, videoconferencing, telepresence or by previously sending their votes in writing.&nbsp; In this case, the Director will be considered to be present at a meeting in order to ascertain the quorum for declaring it open and voting, with this vote being deemed valid for all legal effects, being included in minutes of such meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In the event of a tie in the resolutions of the Board of Directors, none of the Co-Chairmen shall have the casting vote, but only their own personal votes. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 3 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Director shall not have access to information or take part in meetings of the Board of Directors related to matters in which it has conflicting interests with the Company. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 20 - </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">In the case of permanent absence or impediment of any Director, and if there is an alternate Director, the Board of Directors shall decide whether the alternate shall fill the vacant office, or if the vacant office shall be filled by a substitute on a permanent basis; the substitute Director shall, in any case, complete the term of office of the absent or impeded Director.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sole Paragraph </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8211; In the event of temporary absence or impediment, the members of the Board of Directors shall be replaced by the respective alternates, or in the absence thereof, by another Director appointed for such purpose by the absent Director. In this latter case, the Director that is replacing the absent or impeded Director shall cast the vote of the absent Director in addition to his own vote.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 21 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Board of Directors shall resolve on the matters listed below:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">establish the general direction of the Company's business, approving the guidelines, corporate policies and basic objectives for all the main areas of performance of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">approve the annual investment budget of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">approve the three-year strategic plan of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">elect and dismiss the Company's Officers, and set their attributions;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">supervise the management of the Board of Executive Officers, review at any time the books and documents of the Company, and request information regarding any acts executed or to be executed by the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">f)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">attribute, from the aggregate value of the compensation established by the Shareholders&#8217; Meeting, the monthly fees of each of the members of the Company's Management; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">g)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">define the general criteria on compensation and benefit policy (fringe benefits, participation in profits and/or sales) for the management and senior employees (namely, managers or employees in equivalent direction positions) of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">h)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">appoint the Company's independent auditors;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">resolve on the issue of shares and warrants, within the limit of the authorized capital of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">j)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">provide a previous manifestation on the management's report, the Board of Executive Officers' accounts, the financial statements for the fiscal year, and review the monthly balance sheets;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">k)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">submit to the Shareholders&#8217; Meeting of the proposal of allocation of the net profits for the year;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">l)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">call the Annual Shareholders&#8217; Meeting and, whenever it may deem advisable, the Extraordinary Shareholders&#8217; Meetings;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">m)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">approve any business or agreements between the Company and/or any of its controlled companies (except those fully controlled), management and/or shareholders (including any direct or indirect partners of the Company's shareholders), without impairment of item &#8220;q&#8221; below;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">n)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">approve the creation, acquisition, assignment, transfer, encumbering and/or disposal by the Company, in any way whatsoever, of shares, quotas and/or any securities issued by any company controlled by the Company or associated to the Company; except in case of operations involving only the Company and companies fully controlled thereby or in case of indebtedness operation, in which case the provisions of item &#8220;o&#8221; bellow shall apply;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">o)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">approve the contracting by the Company of any debt in excess of ten percent (10%) of the Company's shareholders&#8217; equity reflected on the latest audited balance sheet; this amount shall be considered per individual transaction or a series of related transactions;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">p)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">approve the execution, amendment, termination, renewal or cancellation of any contracts, agreements or similar instruments involving trademarks registered or deposited in the name of the Company or any of its controlled companies; except in the event of licensing of brands to be used in gifts, advertising materials or disclosure in events for periods under three (3) years;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">q)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">approve the granting of loans and the rendering of guarantees of any kind by the Company for amounts exceeding one percent (1%) of the shareholders&#8217; equity of the Company reflected on the latest audited balance sheet, to any third party, except in favor of any companies controlled by the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">r)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">approve the execution by the Company of any long-term agreements (i.e., agreements executed for a term exceeding one year), involving an amount in excess of five percent (5%) of the shareholders&#8217; equity of the Company, as shown on the latest audited balance sheet; this amount shall be considered per individual transaction or a series of related transactions;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">s)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">resolve on the Company's participation in other companies, as well as on any participation in other undertakings, including through a consortium or special partnership;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">t)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">resolve on the suspension of the Company's activities, except in the cases of stoppage for servicing of its equipment;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">u)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">authorize the acquisition of shares of the Company to be kept in treasury, be canceled or subsequently disposed of, as well as the cancellation and further sale of such shares, with due regard for applicable law;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">v)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">resolve on the issuance of Trade Promissory Notes for public distribution, pursuant to CVM Ruling No. 134;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">w)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">resolve, within the limits of the authorized capital, on the issuance of convertible debentures, specifying the limit of the increase of capital arising from debentures conversion, by number of shares, and the species and classes of shares that may be issued, under the terms of article 59 paragraph 2 of Law 6,404/76</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">x)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">authorize the disposal of fixed assets, excepted for the ones mentioned in item &#8220;n&#8221; of this Article, and the constitution of collateral in an amount greater than 1% (one percent) of the shareholders&#8217; equity reflected in the latest audited balance sheet. This amount will be considered per individual transaction or a series of related transactions;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">y)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">perform the other legal duties assigned thereto at the Shareholders&#8217; Meeting or in these By-laws; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 6pt 0in 6pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">z)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">resolve on any cases omitted by these By-laws and perform other attributions not conferred on another body of the Company by the law or these By-laws.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The decisions of the Board of Directors shall be recorded in minutes, which shall be signed by those present in the meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Any favorable vote cast by a Company representative in connection with any resolution on the matters listed above, in Shareholders&#8217; Meetings and in other corporate bodies of the companies controlled by the Company, either directly or indirectly, shall be conditional on the approval of the Board of Directors of the Company.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SECTION II</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BOARD OF EXECUTIVE OFFICERS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 22</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &#8211; The Board of Executive Officers shall be composed of two (2) to fifteen (15) members, shareholders or not, of whom (i) one shall be the Chief Executive Officer (ii) one shall be the Sales Executive Officer, (iii) one shall be the People and Management Executive Officer, (iv) one shall be the Logistics Executive Officer, (v) one shall be the Marketing Executive Officer, (vi) one shall be the Industrial Executive Officer, (vii) one shall be the Chief Financial and Investor Relations Officer, (viii) one shall be the General Counsel, (ix) one shall be the Soft Drinks Executive Officer, (x) one shall be the Corporate Affairs Executive Officer, (xi) one shall be the Shared Services and Information Technology Executive Officer, and (xii) the remaining Officers shall have no specific designation; all of whom shall be elected by the Board of Directors, and may be removed from office by it at any time, and shall have a term of office of three (3) years, reelection being permitted. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Should a position of Executive Officer become vacant or its holder be impeded, it shall be incumbent upon the Board of Directors to elect a new Executive Officer or to appoint an alternate, in both cases determining the term of office and the respective remuneration. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is incumbent upon the Executive Board to exercise the prerogatives that the law, the By-laws and the Board of Directors confer upon it for the performance of the actions required for the Company to function normally. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 3 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Executive Officers shall be invested in office upon the execution of the respective instrument, drawn up in the proper book, and shall remain in office until their successors are vested in office.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 23 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Executive Board, whose presidency will be held by the Chief Executive Officer, shall meet as necessary, it being incumbent upon the Chief Executive Officer to call and to be the chairman of the meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 24 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is the Chief Executive Officer&#8217;s responsibility to: </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">submit the annual work plans and budgets, investment plans and new Company expansion programs to the Board of Directors for approval, causing them to be carried out, pursuant to their approval; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">formulate the Company&#8217;s operating strategies and guidelines, as well as establishing the criteria for executing the resolutions of the Shareholders&#8217; Meetings and of the Board of Directors, with the participation of the other Executive Officers; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">supervise all the Company&#8217;s activities, providing the guidelines best suited to its corporate purpose; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">coordinate and oversee the activities of the Board of Executive Officers; and </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">exercise the other prerogatives conferred upon it by the Board of Directors. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 25 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sales Executive Officer&#8217;s responsibility to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a) develop the strategic sales planning of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b) be responsible for the management of the commercial team and develop and implement an action model for the sector; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 26 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is the People and Management Executive Officer&#8217;s responsibility to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a) organize and manage the Company&#8217;s human resources; and </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 27 - </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;It is the Logistics Executive Officer&#8217;s responsibility to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a) establish, manage and be responsible for the pre-production and post-production distribution and logistics strategy of the Company; and </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 28 - </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;It is the Marketing Executive Officer&#8217;s responsibility to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a) be responsible for the direction, planning and control of the marketing area of the Company; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 29 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is the Industrial Executive Officer&#8217;s responsibility to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a) manage the branches, warehouses, industrial plants and other units of the Company related to its industrial production; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 30 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is the Chief Financial and Investor Relations Officer&#8217;s responsibility to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a) manage and respond for the budget control of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b) provide managerial and financial information;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c) be responsible for the control over the cash flow and financial investments of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">d)&nbsp; provide any and all information to investors, to the Brazilian Securities and Exchange Commission (</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Comiss&#227;o de Valores Mobili&#225;rios</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) and to BM&amp;FBOVESPA S.A. &#8211; Bolsa de Valores, Mercadorias e Futuros</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">e)&nbsp; maintain the registration of the Company as an openly-held company updated; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">f) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 31 - </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;It is the General Counsel&#8217;s responsibility to:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a) establish, manage and coordinate the legal strategy adopted by the Company, and to supervise its judicial and administrative proceedings;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b) be responsible for the Company&#8217;s corporate documents; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c) exercise the other prerogatives conferred upon it by the Board of Directors. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 32 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is the Soft Drinks Executive Officer&#8217;s responsibility to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a) coordinate and supervise the non-alcoholic and non-carbonated drinks sector, and establish its planning strategy; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 33 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is the Corporate Affairs Executive Officer&#8217;s responsibility to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a) respond for the external communication, as well as the Company&#8217;s corporate and governmental relations; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 34 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">It is the Shared Services and Information Technology Executive Officer&#8217;s responsibility to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a) respond for the direction, planning and control of the information technology sector of the Company, as well as of its shared services center; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 70.9pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 35</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &#8211; It is incumbent upon the other Executive Officers to exercise the prerogatives conferred upon them by means of a Meeting of the Board of Directors, which may establish specific titles for their positions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 36 - </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Documents involving the Company in any commercial, banking, financial or equity liability, such as agreements in general, check endorsements, promissory notes, bills of exchange, trade bills and any credit instruments, debt acknowledgments, granting of </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">aval&nbsp;</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> guarantees and sureties, credit facility agreements, acts performed by branches, </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ad negocia </FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ad judicia </FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">powers of attorney, and any other acts creating any liability for the Company or waiving third-party obligations or obligations to the Company, shall be valid upon the signature of two members of the Executive Board. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1 </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8211; The representation of the Company in the aforementioned documents may be delegated to an attorney-in-fact, and such documents may be executed by an Attorney-in-Fact in conjunction with an Officer, or by two Attorneys-in-Fact, jointly, <FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">provided that the instruments of power of attorney appointing these attorneys-in-fact are executed by two Officers.</FONT></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2 -</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> The Company shall be represented, individually, by any of the Officers or by a duly appointed Attorney-in-Fact, as regards receipt of service of process or judicial notices and rendering of personal deposition.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CHAPTER V</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">FISCAL COUNCIL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 37 &#8211;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> The Company shall have a Fiscal Council, on a permanent basis, composed of three (3) to five (5) members and an equal number of alternates. All of its members shall be elected at a Shareholders&#8217; Meeting and by it removed at any time. Their term of office shall expire at the Annual Shareholders&#8217; Meeting to be held following their election, reelection being permitted.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &#8211; In order for the Fiscal Council to function, the majority of its members must attend its meeting. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2</FONT></B><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></I></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">-&nbsp;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> It shall be incumbent upon the Fiscal Council to elect its Chairman in the first meeting to be held after its instatement. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph</FONT></B><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></I></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3&nbsp;</FONT></B><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">- In addition to the duties conferred to it by these By-laws and by law, the Fiscal Council shall establish in its Internal Regiment the procedures for receiving, recording and treating complaints received in connection with accounting, internal accounting controls and matters related with the auditing of the Company, as well as any other communication received on such matters. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 4</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> - The provisions of Paragraph 2 of Article 15 of these By-laws apply to the members of the Fiscal Council.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 38 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The compensation of the Fiscal Council's members shall be established by the Shareholders&#8217; Meeting that elects them.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CHAPTER VI</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">FISCAL YEAR, BALANCE SHEET AND RESULTS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 39 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The fiscal year shall have the duration of one year, and shall end on the last day of December of each year.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 40 - </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">At the end of each fiscal year, the financial statements determined by law shall be drawn up in accordance with the Company's bookkeeping.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Board of Directors may resolve to draw up half-yearly balance sheets or for shorter periods, and approve the distribution of dividends and/or interest on net equity based on the profits ascertained in such balance sheets, subject to the provisions set forth in Article 204 of Law No. 6,404/76.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">At any time, the Board of Directors may also resolve on the distribution of interim dividends and/or interest on net equity based on the accrued profits or existing profits reserves presented in the latest yearly or half-yearly balance sheet.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 3 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The interim dividends and interest on net equity shall always be considered as an advance on the minimum mandatory dividends.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 41</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> - From the profits ascertained in each year, accumulated losses and a provision for income tax shall be deducted prior to any other distribution. &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Over the amount ascertained as provided for in the caption of this Article, it will be calculated:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 53.45pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the statutory participation of the Company&#8217;s employees up to the maximum limit of 10% (ten percent), to be distributed according to the parameters to be established by the Board of Directors; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 53.45pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">the statutory participation of the management, up to the maximum legal limit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Over the amount ascertained as provided for in the caption of this Article, it may be calculated, in addition, up to the limit of 10% (ten percent), a contribution for the purpose of meeting the charges of the assistance foundation for employees and management of the Company and its controlled companies, with due regard for the rules established by the Board of Directors to this effect.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 3 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The following allocations shall be made from the net income of the fiscal year, obtained after the deductions dealt with in the previous paragraphs:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 46.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">five percent (5%) shall be allocated to the legal reserve, up to twenty percent (20%) of the paid-in capital stock or the limit established in article 193, paragraph 1 of Law No. 6,404/76;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 46.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">from the balance of the net profit of the fiscal year, obtained after the deduction mentioned in item (a) of this Article and adjusted pursuant to article 202 of Law No. 6,404/76, forty percent (40%) shall be allocated to pay the mandatory dividend to all its shareholders; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 46.35pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">an amount not greater than sixty percent (60%) of the adjusted net profits shall be allocated to the formation of an Investment Reserve, for the purpose of financing the expansion of the activities of the Company and its controlled companies, including through subscription of capital increases or the creation of new business developments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 4 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The reserve set out in item (c) of paragraph 3 of this Article may not exceed eighty percent (80%) of the capital stock. Upon reaching this limit, the Shareholders&#8217; Meeting shall resolve either to distribute the balance to the shareholders or increase the Company&#8217;s corporate capital. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CHAPTER VII</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">LIQUIDATION, WINDING-UP AND EXTINGUISHMENT</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 42 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Company shall be liquidated, wound up and extinguished in the cases contemplated by law or by resolution of the Shareholders&#8217; Meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The manner of liquidation shall be determined at a Shareholders&#8217; Meeting, which shall also elect the Fiscal Council that will function during the liquidation period.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2 - </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Board of Directors shall appoint the liquidator, establish its fees and determine the guidelines for its operation. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CHAPTER VIII</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">GENERAL PROVISIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 43 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The dividends attributed to the shareholders shall be paid within the legal time frames, and monetary adjustment and/or interest shall only be assessed if so determined by the Shareholders&#8217; Meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sole Paragraph &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The dividends not received or claimed shall become time-barred within three years from the date on which they were made available to the shareholder, and shall revert to the benefit of the Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 44 &#8211;</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> The Company shall comply with the shareholders' agreements registered as provided for in article 118 of Law No. 6,404/76.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Article 45 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The Company will provide the members of the Board of Directors, of the Board of Executive Officers and of the Fiscal Council, or the members of any corporate bodies with technical functions set up to advise the managers, a legal defense in lawsuits and administrative proceedings filed by third parties during or after their respective terms of office, for acts performed during the exercise of their functions, including through a permanent insurance policy, shielding them against liability for acts arising from the exercise of their positions or functions, including the payment of court costs, legal fees, indemnifications and any other amounts arising from such proceedings.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 1 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The guarantee set forth in the caption of this Article extends to employees working regularly to comply with powers-of-attorneys granted by the Company or the subsidiaries controlled by the Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Paragraph 2 &#8211; </FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If any of the persons mentioned in the caption or in Paragraph 1 of this Article be sentenced by a final court decision due to negligent or criminal conduct, the Company must be reimbursed by such person for all costs and expenses disbursed on legal assistance, as set forth by law.&#8221;</FONT></P>

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<DIV style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">SIGNATURE</FONT></FONT></FONT></DIV><FONT style="FONT-SIZE: 9pt" face="Times New Roman"><BR></FONT>

<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">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.</FONT></FONT></DIV>

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   <DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt">AMBEV S.A. </FONT></DIV></TD></TR>

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   <DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt">By:&nbsp; </FONT></DIV></TD>

   <TD style="BORDER-BOTTOM: black 2px solid" vAlign=middle width="49%" align=left>

   <DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt">/s/ <FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt"><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt">Nelson Jos&#233; Jamel</FONT></FONT></FONT></DIV></TD></TR>

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   <DIV style="TEXT-INDENT: 0pt; DISPLAY: block"><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Nelson Jose Jamel</FONT></DIV>

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   <DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt">Chief Financial and Investor Relations Officer</FONT></DIV></DIV></TD></TR></TABLE></DIV></DIV>

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