<SEC-DOCUMENT>0001292814-19-001519.txt : 20190429
<SEC-HEADER>0001292814-19-001519.hdr.sgml : 20190429
<ACCEPTANCE-DATETIME>20190426215622
ACCESSION NUMBER:		0001292814-19-001519
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190630
FILED AS OF DATE:		20190429
DATE AS OF CHANGE:		20190426

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:		19773519

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ambevsa20190426_6k1.htm
<DESCRIPTION>FORM 6-K
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<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>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<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>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of April, 2019 </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>

<DIV><FONT size=1></FONT>&nbsp;</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>

<DIV><FONT size=1></FONT>&nbsp;</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 lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">AMBEV S.A.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">CNPJ [National Register of Legal Entities] No. 07.526.557/0001-00</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">NIRE [Corporate Registration Identification Number] 35.300.368.941</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">A Publicly-Held Company</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-WEIGHT: normal; LINE-HEIGHT: 15pt" color=windowtext face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" color=windowtext face="Times New Roman">Minutes of the Annual and Extraordinary General Shareholders&#8217; Meetings of Ambev S.A. (&#8220;Company&#8221;), held on April 26, 2019, prepared in summary form:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT></B>&nbsp;</P>

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   <TD vAlign=top width="4%"><STRONG>1.</STRONG><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>

   <TD vAlign=top width="96%">

   <P style="TEXT-ALIGN: justify"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Date, Time and Venue.</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"> On April 26, 2019, at 2:00 p.m., at the Company&#8217;s headquarters located in the City of S&#227;o Paulo, State of S&#227;o Paulo, at Rua Dr. Renato Paes de Barros, 1017, 4<SUP>th</SUP> floor, Itaim Bibi.</FONT></P>

   <P style="TEXT-ALIGN: justify">&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%"><STRONG>2.</STRONG><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>

   <TD vAlign=top width="96%">

   <P style="TEXT-ALIGN: justify"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Call Notice</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">. The call notice was published in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(i)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"> the Official Gazette of the State of S&#227;o Paulo, on March 26, 2019, March 27, 2019 and March 28, 2019, on pages 233, 136 and 145, respectively; and </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(ii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"> the newspaper &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Valor Econ&#244;mico</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">&#8221; on March 26, 2019, March 27, 2019 and March 28, 2019, on pages B11, B7 and B9, respectively.</FONT></P>

   <P style="TEXT-ALIGN: justify">&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%"><STRONG>3.</STRONG><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>

   <TD vAlign=top width="96%">

   <P style="TEXT-ALIGN: justify"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Attendance</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">. At the Annual Shareholders Meeting, shareholders representing 89,35% &nbsp;of the voting capital of the Company and, at the Extraordinary Shareholders Meeting, shareholders representing 89,36% of the voting capital of the Company, at the &nbsp;as evidenced by the bulletin for distance vote presented to the Company and the signatures in the &#8220;Shareholders&#8217; Attendance Book&#8221;. The meetings were also attended by the Co-Chairman of the Board of Directors of the Company, Mr. Victorio Carlos De Marchi, the representative of Deloitte Touche Tohmatsu Auditores Independentes, the independent auditors of the Company, Mr. M&#225;rcio Albuquerque Cavalcanti, and the members of the Fiscal Council of the Company, Messrs. Jos&#233; Ronaldo Vilela Rezende and Ary Waddington, as provided by law. </FONT></P>

   <P style="TEXT-ALIGN: justify">&nbsp;</P></TD></TR>

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   <TD vAlign=top width="4%"><STRONG>4.</STRONG><B><FONT lang=PT-BR style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>

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   <P style="TEXT-ALIGN: justify"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Presiding Board</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">. Chairman: Mr. Victorio Carlos De Marchi. </FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Secretary: Mr. Paulo Cezar Arag&#227;o.</FONT></P>

   <P style="TEXT-ALIGN: justify">&nbsp;</P></TD></TR>

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   <TD vAlign=top width="4%"><STRONG>5.</STRONG><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>

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   <P style="TEXT-ALIGN: justify"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Resolutions</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">. After dismissing the reading of the consolidated voting map contemplating the votes presented through bulletins for distance vote, which have been made available for Shareholders&#8217; consultation in accordance with the Brazilian Securities Commission (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">CVM</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">&#8221;) Ruling No. 481/09, the following resolutions were taken:</FONT></P>

   <P style="TEXT-ALIGN: justify">&nbsp;</P></TD></TR>

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   <TD vAlign=top width="4%"><STRONG>5.1.</STRONG><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp; </FONT></B></TD>

   <TD vAlign=top width="96%"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">

   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">By unanimous vote, the shareholders authorized the preparation of the Minutes of these Annual and Extraordinary General Meetings in the summary form, as well as their publication with omission of the signatures of the attending shareholders, pursuant to article 130 of Law No. 6.404/76.</FONT></P></FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; TEXT-DECORATION: none; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Were registered 13,202,179,447 votes for.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">5.2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">At the Annual General Meeting:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Following examination and discussion, the shareholders approved by majority vote the annual report and the management&#8217;s accounts, as well as the financial statements for the fiscal year ended December 31, 2018, together with the opinions of the Fiscal Council and the independent auditors report, all of which were published in full and within the statutory deadline in the Official Gazette of the State of S&#227;o Paulo and in the newspaper &#8220;Valor Econ&#244;mico&#8221;, on February 28<SUP>th</SUP>, 2019 on pages 18 to 30 (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Caderno Empresarial 2</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">) and B17 to B33, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Were registered 13,704,952,526 votes for, 156,160 votes against and 346,674,716 abstentions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">The shareholders approved by majority vote the allocation of the net income relating to the fiscal year ended December 31, 2018 as set forth in the Management Proposal, with the allocation of the total amount of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(a)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"> R$&nbsp;&nbsp;5,442,332,002.26 for the Investment Reserves; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(b)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"> R$&nbsp;1,331,526,295.24 for the Tax Incentives Reserves, of which </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(b.1)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"> R$&nbsp;1,302,657,599.30 refer to State </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">ICMS</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"> tax incentives received by some units of the Company, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(b.2)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"> R$ 23,314,598.14 refer to the tax incentive of the State of </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Sergipe</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">, as per Law No. 5,382/04, and </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(b.3)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"> R$&nbsp;5,554,097.80 refer to Corporate Income Tax reinvestment incentive granted by SUDENE, as per article 19 of Law No. 8,167/91; and </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(c)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"> R$ 7,545,608,313.44 for distribution of dividends and interest on shareholders&#8217; net equity during 2018, which is now ratified, and which payments were made to the shareholders in anticipation, as detailed on items (x) and (y) below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -35.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(x)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$&nbsp;2,515,101,062.88 were declared as dividends at the meeting held on May 15, 2018, at R$ 0.16 per share, to be deduced from the net profit of the fiscal year of 2018, duly paid on July 30, 2018; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; TEXT-INDENT: -35.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(y)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$&nbsp;5,030,507,250.56 were declared as interest on shareholders&#8217; net equity at the meeting held on December 3<SUP>rd</SUP>, 2018, at R$&nbsp;0.32 per share, resulting in a net distribution of R$&nbsp;0.272 per share, to be deduced from the net profit of the fiscal year of 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Pursuant to article 193, paragraph 1, of Law No.&nbsp;6,404/76, the Company shall not set up a legal reserve for the current fiscal year because the balance of said reserve plus the sum of the capital reserves mentioned in article 182, paragraph 1, of Law No. 6,404/76 are greater than 30% of the Company&#8217;s capital stock.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Were registered 13,989,283,816 votes for, 138,135 votes against and 62,361,451 abstentions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">The shareholders approved by majority vote, for a term of office to expire at the Annual Shareholders&#8217; Meeting to be held in 2020, in accordance with the Management Proposal, the following member to the Fiscal Council:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -35.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">the election of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Elidie Palma Bifano</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">, Brazilian, married, lawyer, bearer of Identity Card RG No. 3.076.167SSP/SP, enrolled with the CPF/ME under No. 395.907.558-87, </FONT>


<FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">resident and domiciled in the City of S&#227;o Paulo, State of S&#227;o Paulo, at Rua Leopoldo Couto de Magalh&#227;es Jr., 758, 16<SUP>th</SUP> floor, to take office as a regular member of the Fiscal Council of the Company;</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">2</FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -35.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">the reelection of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Jos&#233; Ronaldo Vilela Rezende</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">, Brazilian citizen, married, accountant, bearer of Identity Card RG No. M-2.399.128 SSP/MG, enrolled with the CPF/ME under No. 501.889.846-15, resident and domiciled in the City of S&#227;o Paulo, State of S&#227;o Paulo, at Rua Bar&#227;o de Capanema, 433, 4<SUP>th</SUP> floor, to take office as a regular member of the Fiscal Council of the Company;</FONT></P>

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   <P style="MARGIN-LEFT: 56.7pt; TEXT-INDENT: -35.4pt"><STRONG>(c)</STRONG></P></TD>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">the reelection of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Emanuel Sotelino Schifferle</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">, Brazilian citizen, married, engineer, bearer of Identity Card RG No. 01.433.665-5 IFP/RJ, enrolled with the CPF/ME under No. 009.251.367-00, resident and domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Henrique Dodsworth, 13/502, to take office as an alternate member of the Fiscal Council of the Company; and</FONT></P>

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   <P style="MARGIN-LEFT: 56.7pt; TEXT-INDENT: -35.4pt"><STRONG>(d)</STRONG></P></TD>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">the reelection of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Ary Waddington</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">, Brazilian citizen, married, economist, bearer of Identity Card RG No. 01.139.7777-5 IFP/RJ, enrolled with the CPF/ME under No. 004.469.397-49, resident and domiciled in the City of Arma&#231;&#227;o dos B&#250;zios, State of Rio de Janeiro, at Rua E.9, Condom&#237;nio do Atl&#226;ntico, Praia da Ferradura, to take office as an alternate member of the Fiscal Council of the Company.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Were registered 11,850,234,511 votes for, 7,705,141 votes against and 1,095,484,443 abstentions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -0.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">(iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">By separate vote of minority shareholders, it was approved, for a term of office to expire at the Annual Shareholders&#8217; Meeting to be held in 2020, as indicated by the shareholder </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Caixa de Previd&#234;ncia dos Funcion&#225;rios do Banco do Brasil - PREVI</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">, pursuant to article 161, paragraph 4, item &#8220;a&#8221; of Law No. 6,404/76, as mentioned in the Management Proposal:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt; TEXT-INDENT: -35.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT></B>&nbsp;</P>

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   <P style="MARGIN-LEFT: 21.299pt"><STRONG>(a)</STRONG></P></TD>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">the reelection of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Aldo Luiz Mendes</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">, Brazilian citizen, divorced, bank officer and economist, bearer of Identity Card RG No. 468.756 SSP/DF, enrolled with the CPF/ME under No. 210.530.301-34, resident and domiciled in Bras&#237;lia, Distrito Federal, at SHIS QL 14, suite 3, house 4, Lago Sul, to take office as a regular member of the Company's Fiscal Council; and</FONT></P>

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   <P style="MARGIN-LEFT: 21.299pt"><STRONG>(b)</STRONG></P></TD>

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   <P style="TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">the reelection of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Vinicius Balbino Bouhid</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">, Brazilian citizen, single, bank employee and economist, bearer of Identity Card RG No. 029.562.824 - DETRAN/RJ, enrolled with the CPF/ME under No. 667.460.867/04, resident and domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, at Av. Afonso Arinos Melo Franco 285, apt. 206, Barra da Tijuca, to take office as an alternate member of the Company's Fiscal Council </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none; LINE-HEIGHT: 15pt" color=#000000 face="Times New Roman">associated</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"> with the regular member mentioned in item (a) above.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 56.7pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Were registered 1,098,096,257 votes for, 263,050 votes against.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">3</FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT></P>

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<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">The elected
members of the Fiscal Council appointed on items (iii) and (iv) above shall
take office upon execution of the respective terms of investiture, along with
the clearance statement required by law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;text-indent:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">(v)</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:15.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">The shareholders
approved by majority vote, with respect to the global compensation of the
Company&#8217;s Board of Directors and Officers for the fiscal year of 2019, the
limit of R$&nbsp;101,728,287.00, which includes the expenses related to
recognition of fair value of </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">(a)</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;"> the stock options which the Company
intends to grant in the current fiscal year; and </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">(b)</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;"> the stock based compensation
which the Company intenda to grant during the current fiscal year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">Were registered 13,768,706,028 votes for, 216,436,720
votes against and 66,640,654 abstentions.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;text-indent:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">(vi)</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:15.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">The shareholders
approved by majority vote the amount of the global compensation of the
Company&#8217;s Fiscal Council members for the fiscal year of 2019 in the amount of
up to R$&nbsp;&nbsp;2,146,762.00, with the compensation of the alternates being
in an amount equal to half of the amount received by the regular members,
subject to the limits provided by law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">Were registered 13,970,407,718 votes for, 15,965,363
votes against and 65,410,321 abstentions.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">&nbsp;</font></b></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:left;text-indent:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">5.3.</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:15.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">At the Extraordinary General Meeting:</font></b></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:left;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;text-indent:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;vertical-align:baseline;">(i)</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:15.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;vertical-align:baseline;">After
examination and discussion,
the shareholders approved by majority vote the amendment
of the heading of article 5<sup>th</sup> of the Company&#8217;s by-laws, to reflect
the increases of capital approved within the capital limit, as approved by the
Board of Directors of the Company at meetings held on March 26, 2018 and March
25, 2019, which will have the following language, kept unchanged its
paragraphs:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;vertical-align:baseline;">&quot;</font></i><b><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;vertical-align:baseline;">Article
5<sup>th</sup></font></i></b><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;vertical-align:baseline;"> - The capital stock is R$ 57,798,844,242.20, divided into
15,726,842,297 registered common shares, with no par value.&quot;</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">Were registered 13,981,465,230 votes for, 15,363,982
votes against and 56,848,321 abstentions.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;text-indent:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:15.0pt;vertical-align:baseline;">(ii)</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:15.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;vertical-align:baseline;">&#160;&#160;&#160;&#160; It was
approved by majority votes the amendment of the heading of article 16 of the
Company&#8217;s By-Laws, to reflect the reality of the composition of the Company&#8217;s
Board of Directors in recent years, ensure that the quality of the discussions
within such body is maintained, and facilitate the effective and timely
decision-making, which will have the following language, kept unchanged its
paragraphs:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:21.3pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;vertical-align:baseline;">&#160;&quot;</font></i><b><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;vertical-align:baseline;">Article
16</font></i></b><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;vertical-align:baseline;"> - The Board of Directors shall be composed of three (3) up to eleven
(11) effective members, and may have from two (2) up to eleven (eleven)
alternates, specifically or not attached to an effective Director, elected by
the General Meeting and which may be removed at any time, with a term of office
of three (3) years, reelection being permitted.&quot;</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:15.0pt;vertical-align:baseline;">&nbsp;</font></p>


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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Were registered 13,996,216,294 votes for, 619,740 votes against and 56,841,499 abstentions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 15pt" face="Times New Roman">(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 15pt" face="Times New Roman">It was approved by majority vote the restatement of the Company&#8217;s By-laws, to reflect the amendments approved on items (i) and (ii) above, which will be enforceable as provided on </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 15pt" face="Times New Roman">Schedule I</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 11pt; VERTICAL-ALIGN: baseline; LINE-HEIGHT: 15pt" face="Times New Roman">.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Were registered 13,996,474,725 votes for, 358,474votes against and 56,844,334 abstentions.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">6.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 15pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Approval and Closure</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">: With no further matters on the agenda, the minutes hereof were drawn up and after read and approved were signed by the members of the Presiding Board and the shareholders.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 120%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><U><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Signatures:</FONT></U></B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman"> Victorio Carlos De Marchi, </FONT><I><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Chairman</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">; Paulo Cezar Arag&#227;o, </FONT><I><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Secretary</FONT></I><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">. </FONT><U><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Shareholders</FONT></U><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">: AMBREW S.A., INTERBREW INTERNATIONAL B.V. (by Monique Mesquita Mavignier de Lima), FUNDA&#199;&#195;O ANTONIO E HELENA ZERRENNER INSTITUI&#199;&#195;O NACIONAL DE BENEFIC&#202;NCIA (by Edson Carlos de Marchi), THE BANK OF NEW YORK MELLON (by Jose Donizetti de Oliveira), CAIXA DE PREVID. DOS FUNC. DO BANCO DO BRASIL (by Marcos Paulo F&#233;lix da Silva), F. LAEISZ, F. LAEISZ TROSTBTRUCKE 120457 HAMBURGO (by Christian Sch&#252;es), BRADESCO FIA DIVIDENDOS, BRADESCO FIA EQUITIES, BRADESCO FIA IBOVESPA PLUS, BRADESCO FIA IBRX MULTIPATROCINADO, BRADESCO FIA MASTER DIVIDENDOS, BRADESCO FIA MASTER IBOVESPA, BRADESCO FIA MASTER IBRX, BRADESCO FIA MASTER PREVIDENCIA, BRADESCO PRIVATE FIA IBOVESPA ATIVO, BRAM FIA IBOVESPA ATIVO, BRAM FIA IBRX ATIVO BRADESCO VIDA E PREVIDENCIA S/A, BRADESEG PARTICIPACOES S/A, BRAM FUNDO DE INVESTIMENTO EM ACOES, BRADESCO SEGUROS S/A, BRAM H FIA DIVIDENDOS, BRADESCO FIA ABSOLUTO, BRAM H FIA INSTITUCIONAL, BRADESCOR COR DE SEGUROS LTDA, BRAM H FI EM ACOES IBOVESPA GESTAO BRAM H FI EM ACOES PASSIVO IBRX, FUNDO DE INVESTIMENTO DE ACOES MEAIPE IBX ATIVO, BRAM FUNDO DE INVESTIMENTO EM ACOES IBOVESPA,&nbsp; FUNDO DE INVESTIMENTO EM ACOES IBOVESPA 157, RANDONPREV -&nbsp; FUNDO DE PENSAO, BRADESCO H FI EM ACOES IBOVESPA, PG PREV - SOCIEDADE DE PREVIDENCIA PRIVADA, BRADESCO FIA SAFE IBRX 50, BRADESCO FIA INDICE QUALIDADE, BRADESCO&nbsp; FIA INSTITUCIONAL&nbsp; IBX ATIVO,&nbsp; BRAM FIA ABSOLUTO INSTITUCIONAL, BRADESCO FIA INDICE </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">VALOR, BRAM FUNDO DE INVESTIMENTO EM ACOES IBRX-50, BRADESCO MULTIPORTFOLIO FMP - FGTS CL, BRADESCO IBX PLUS FIA, BRADESCO FUNDO MUTUO DE PRIVATIZACAO FGTS CL (by Nicole Loss da Silva), ARY WADDINGTON, CHRISTIAN BRUNO SCHUES, VICTORIO CARLOS DE MARCHI, BB CAP ACOES FUNDO DE INVESTIMENTO,BB ECO GOLD FUNDO DE INVESTIMENTO EM ACOES, BB TOP ACOES EXPORTACAO FIA, BB TOP ACOES IBOVESPA ATIVO FI, BB TOP ACOES IBOVESPA INDEXADO FI, BB TOP ACOES IBRX INDEXADO FI, BB TOP ACOES SETORIAL CONSUMO FI, BRASILPREV TOP A FUNDO DE INV DE ACOES, BB PREVIDENCIA ACOES IBRX FUNDO DE INVESTIMENTO, BB TOP ACOES LONG BIAS FUNDO DE INVESTIMENTO, BB </FONT>

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<FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACOES EQUIDADE FUNDO DE INVESTIMENTO, BB MAR AZUL ACOES FUNDO DE INVESTIMENTO, BB TERRA DO SOL FUNDO DE INVESTIMENTO MM CREDITO PRIVADO,&nbsp; BB ACOES 22 FUNDO DE INVESTIMENTO, BB CAP IBOVESPA INDEXADO FIA, BB BNC ACOES NOSSA CAIXA NOSSO CLUBE DE INVESTIMENTO (by Eduardo Tognetti), ABERDEEN LATIN AMERICAN INCOME FUND LLC, CAPITAL INTERNATIONAL FUND, EMERGENCE M, EUROPACIFIC GROWTH FUND, FORSTA AP-FONDEN, FRANKLIN TEMPLETON INVESTMENT FUNDS, GOVERNMENT PENSION FUND, INTERNATIONAL GROWTH AND INCOME FUND, JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, JP MORGAN CHASE RETIREMENT PLAN, JPMORGAN FUND ICVC - JPM EMERGING MARKETS INCOME FUND, JPMORGAN FUNDS, MORGAN STANLEY INVESTMENT FUNDS GLOBAL BALANCED FUND, MORGAN STANLEY INVESTMENT FUNDS GLOBAL BALANCED INCOME FUND, MORGAN STANLEY INVESTMENT FUNDS LATIN AMERICAN EQUITY FUND, PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO, STICHTING JURIDISCH EIGENAAR ACTIAM BELEGGINGSFONDSEN, UNIVERSITIES SUPERANNUATION SCHEME LTD, VANGUARD EMERGING MARKETS STOCK INDEX FUND, VANTAGETRUST III MASTER COLLECTIVE INVESTMENT FUNDS TRUST, VANGUARD TOTAL INTERNATIONAL STOCK INDEX FD, A SE&nbsp; VAN S F, ABERDEEN STANDARD SICAV I - LATIN AMERICAN EQUITY FUND, THE MASTER TRUST BANK OF JAP., LTD. AS TR. FOR MTBJ400045829, ABERDEEN STANDARD SICAV I - E. M. EQUITY FUND, THE MASTER TRUST BANK OF JAPAN, LTD. TRUSTEE MUTB400045794, THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB4000, THE MASTER TRUST BANK OF JAPAN, LTD. AS T FOR MTBC400045787, MORGAN STANLEY INVESTMENT FUNDS EMERGING MK EQUITY FUND, HSBC GLOBAL INVESTMENT FUNDS - BRAZIL EQUITY, UNI-GLOBAL EQUITIES EMERGING MARKETS, NEW WORLD FUND, INC., THE MASTER TRUST BANK OF JAPAN, LTD. AS TR FOR MUTB400045792, THE MASTER TRUST BANK OF JAP, LTD. AS TR. FOR MTBJ400045828, ABERDEEN STANDARD EMERGING OPPORTUNITIES FUND, THE MASTER TRUST BANK OF JAPAN, LTD. AS T. FOR MTBJ400045835, COLUMBIA GLOBAL DIVIDENDO OPPORTUNITY FUND, EQ ADVISORS TRUST - AXA GLOBAL EQUITY MANAGED VOLATILITY POR, COMMINGLED PENSION TRUST FUND EMERGING MARKETS RESEARCH ENHA, HSBC GB INVESTMENT FUNDS - ECONOMIC SCALE GEM EQUITY, AMP CAPITAL FUNDS MGMT LTD EFM INTERNATIONAL SHARE FUND 10, BUREAU OF LABOR FUNDS - LABOR INSURANCE FUND, JPMORGAN EMERGING MARKETS RESEARCH ENHANCED EQUITY FUND, MINEWORKERS&nbsp; PENSION SCHEME, OPTIMIX WHOLESALE GLOBAL SHARE TRUST, ABERDEEN&nbsp; STANDARD SICAV I - EMERGING M. E. E. FUND, JTSB LTD AS TR FOR SUM TR AND BANK CO.,LTD TR F, ABERDEEN STANDARD SICAV I - BRAZIL EQUITY FUND, BRITISH COAL STAFF SUPERANNUATION SCHEME, HSBC GLOBAL INVESTMENT FUNDS - LATIN AMERICAN EQUITY, BIG LOCAL TRUST, J P MORGAN INVESTMENT FUNDS, BLACKWELL PARTNERS LLC SERIES A, MORGAN STANLEY INVESTMENT FUNDS BREAKOUT NATIONS FUND, RBC QUANT EMERGING MARKETS DIVIDEND LEADERS ETF, FIDELITY UCITS II ICAV / FIDELITY MSCI EMERGING M I FUND, ABS DIRECT EQUITY FUND LLC, FIDELITY INVESTMENTS MONEY MANAGEMENT INC, RBC QUANT EMERGING MARKETS EQUITY LEADERS ETF, MORGAN STANLEY INVESTMENT FUNDS GLOBAL BALANCED DEFENSIVE FU (by Rodrigo de Mesquita Pereira).</FONT>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">I certify that the minutes hereof are a faithful copy of the resolutions of the minutes books of the Company.</FONT></I></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">S&#227;o Paulo, April 26, 2019.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">/s/Victorio Carlos De Marchi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/Paulo Cezar Arag&#227;o </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 15pt" face="Times New Roman">Chairman &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secretary</FONT></I></P>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Schedule I</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;BY-LAWS</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">CHAPTER I</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">NAME, HEADQUARTERS, PURPOSE AND DURATION</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 1 -</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> AMBEV S.A. (&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Company</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;)
is a corporation (</font><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">sociedade an&#244;nima</font></i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">), which shall be governed by these
By-laws and by applicable law. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 2 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 3 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The purpose of the Company, either directly or by participation
in other companies, is:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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 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;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">the packaging and
wrapping of any of the products belonging to it or to third parties;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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 exploration of
the virtues of the Brazilian soil, mainly in the food and health segments;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">f)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">the operation on the
following areas: research, prospecting, extraction, processing,
industrialization, commercialization and distribution of mineral water, in all
national territory;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">g)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">h)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">the advertising of
products belonging to it and to third parties, and the trading of&nbsp;
promotional and advertising materials;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


<a name="_bclFooter8"></a><DIV>

 <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">8</font><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">i)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;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>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">j)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">the importation of
anything necessary for its industry and trade;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">k)&#160;&#160;  the exportation of its products;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">k)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">the direct or indirect
exploration of bars, restaurants, luncheonettes and similar places; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">l)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">m)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Sole Paragraph &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 4 &#8211;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> The Company is established for an indeterminate term.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">CHAPTER II</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">CAPITAL STOCK AND SHARES</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 5 &#8211;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> The capital stock is of R$ 57,798,844,242.20, divided
into 15,726,842,297 nominative common shares, without par value.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 1 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Each common share shall be entitled to one vote in the
resolutions of the Shareholders&#8217; Meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 2 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 3 &#8211;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> 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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 6 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Sole Paragraph &#8211;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> 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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


<a name="_bclFooter9"></a><DIV>

 <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">9</font><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 7 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 8 &#8211;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> 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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 9 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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 face="Times New Roman" lang=EN-US style="font-size:11.0pt;">pro rata temporis</font></i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">, and a fine
corresponding to ten percent (10%) of the amount in arrears, duly updated.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">CHAPTER III</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SHAREHOLDERS&#8217; MEETINGS</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 10 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 11 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 12 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 13 &#8211;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> 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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 14 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">CHAPTER IV</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">MANAGEMENT OF THE COMPANY</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 15 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 1 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 2 </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 3 - </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>


<a name="_bclFooter10"></a><DIV>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 4</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> - At least 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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">he/she must not be a
Controlling Shareholder, or spouse or relative up to second-degree thereof;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">f)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;margin-left:56.7pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 5</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> - 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>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION I</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">BOARD OF DIRECTORS</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 16</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> &#8211; The Board of Directors shall be composed of three
(3) to eleven (11) sitting members, with two (2) to eleven (11) 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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 1- </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 2</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> - 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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


<a name="_bclFooter11"></a><DIV>

 <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">11</font><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_12"></a><a name="_bclPageBorder12"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 3- </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 4 - </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 17</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> - 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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 18 </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">- 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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 19 - </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 1</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> &#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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 2 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 3 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 20 - </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Sole Paragraph </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 21 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The Board of Directors shall resolve on the matters
listed below:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">approve the annual
investment budget of the Company;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">approve the three-year
strategic plan of the Company;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">elect and dismiss the
Company's Officers, and set their attributions;</font></p>


<a name="_bclFooter12"></a><DIV>

 <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">12</font><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">f)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">g)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">h)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">appoint the Company's
independent auditors;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">i)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">resolve on the issue of
shares and warrants, within the limit of the authorized capital of the Company;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">j)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">k)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">submit to the Shareholders&#8217;
Meeting of the proposal of allocation of the net profits for the year;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">l)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">call the Annual
Shareholders&#8217; Meeting and, whenever it may deem advisable, the Extraordinary
Shareholders&#8217; Meetings;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">m)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">n)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">o)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">p)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">q)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">r)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">s)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_14"></a><a name="_bclPageBorder14"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">t)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">resolve on the
suspension of the Company's activities, except in the cases of stoppage for
servicing of its equipment;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">u)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">v)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">resolve on the issuance
of Trade Promissory Notes for public distribution, pursuant to CVM Ruling No.
134;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">w)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">x)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">y)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">perform the other legal
duties assigned thereto at the Shareholders&#8217; Meeting or in these By-laws; and</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">z)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 1 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 2 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION II</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">BOARD OF EXECUTIVE OFFICERS</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 22</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> &#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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 1 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


<a name="_bclFooter14"></a><DIV>

 <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">14</font><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_15"></a><a name="_bclPageBorder15"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 2 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 3 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 23 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 24 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">It is the Chief Executive Officer&#8217;s responsibility to:
</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">supervise all the
Company&#8217;s activities, providing the guidelines best suited to its corporate
purpose; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">coordinate and oversee
the activities of the Board of Executive Officers; and </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">exercise the other
prerogatives conferred upon it by the Board of Directors. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 25 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">It is</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">the</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Sales Executive Officer&#8217;s
responsibility to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">develop the strategic
sales planning of the Company;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">be responsible for the
management of the commercial team and develop and implement an action model for the sector; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">exercise the other
prerogatives conferred upon it by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:56.7pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 26 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">It is the People and Management Executive Officer&#8217;s
responsibility to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">organize and manage the
Company&#8217;s human resources; and </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">exercise the other prerogatives conferred
upon it by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:56.7pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 27 - </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;It is the Logistics Executive Officer&#8217;s
responsibility to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">establish, manage and
be responsible for the pre-production and post-production distribution and logistics strategy of the
Company; and </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">exercise the other prerogatives conferred
upon it by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 28 - </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;It is the Marketing Executive Officer&#8217;s
responsibility to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


<a name="_bclFooter15"></a><DIV>

 <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">15</font><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_16"></a><a name="_bclPageBorder16"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">be responsible for the
direction, planning and control of the marketing area of the Company; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">exercise the other prerogatives conferred
upon it by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 29 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">It is the Industrial Executive Officer&#8217;s
responsibility to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">manage the branches,
warehouses, industrial plants and other units of the Company related to its
industrial production; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">exercise the other prerogatives conferred
upon it by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 30 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">It is the Chief Financial and Investor Relations
Officer&#8217;s responsibility to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">manage and respond for
the budget control of the Company;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">provide managerial and
financial information;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">be responsible for the
control over the cash flow and financial investments of the Company;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">provide any and all
information to investors, to the Brazilian Securities and Exchange Commission (</font><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Comiss&#227;o
de Valores Mobili&#225;rios</font></i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">) and to BM&amp;FBOVESPA S.A. &#8211; Bolsa de Valores,
Mercadorias e Futuros</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">maintain the registration
of the Company as an openly-held company updated; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">f)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">exercise the other prerogatives conferred
upon it by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:56.7pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 31 - </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;It is the General Counsel&#8217;s responsibility to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">establish, manage and
coordinate the legal strategy adopted by the Company, and to supervise its
judicial and administrative proceedings;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">be responsible for the
Company&#8217;s corporate documents; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">exercise the other prerogatives conferred
upon it by the Board of Directors. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:56.7pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 32 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">It is the Soft Drinks Executive Officer&#8217;s
responsibility to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">coordinate and
supervise the non-alcoholic and non-carbonated drinks sector, and establish its
planning strategy; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">exercise the other prerogatives conferred
upon it by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:56.7pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 33 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">It is the Corporate Affairs Executive Officer&#8217;s
responsibility to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">respond for the
external communication, as well as the Company&#8217;s corporate and governmental
relations; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">exercise the other prerogatives conferred
upon it by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


<a name="_bclFooter16"></a><DIV>

 <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">16</font><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_17"></a><a name="_bclPageBorder17"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 34 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">It is the Shared Services and Information Technology
Executive Officer&#8217;s responsibility to:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.55pt;text-align:justify;text-indent:-21.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">exercise the other prerogatives conferred
upon it by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:56.7pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 35</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> &#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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 36 - </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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 face="Times New Roman" lang=EN-US style="font-size:11.0pt;">aval&nbsp;</font></i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> guarantees and
sureties, credit facility agreements, acts performed by branches, </font><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ad negocia
</font></i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">and </font><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ad judicia </font></i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 1 </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#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, provided that the instruments of
power of attorney appointing these attorneys-in-fact are executed by two
Officers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 2 -</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> 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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">CHAPTER V</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">FISCAL COUNCIL</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 37 &#8211;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> 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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 1</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> &#8211; In order for the Fiscal Council to function, the
majority of its members must attend its meeting. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 2</font></b><b><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> </font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">-&nbsp;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> It shall be incumbent upon the Fiscal Council to
elect its Chairman in the first meeting to be held after its instatement. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph</font></b><b><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> </font></i></b><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3&nbsp;</font></b><b><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> </font></i></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">- 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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 4</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> - The provisions of Paragraph 2 of Article 15 of
these By-laws apply to the members of the Fiscal Council.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 38 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The compensation of the Fiscal Council's members shall
be established by the Shareholders&#8217; Meeting that elects them.</font></p>


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 <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">17</font><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>


</DIV>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">CHAPTER VI</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">FISCAL YEAR, BALANCE SHEET AND RESULTS</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 39 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The fiscal year shall have the duration of one year,
and shall end on the last day of December of each year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 40 - </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 1 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 2 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 3 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The interim dividends and interest on net equity shall
always be considered as an advance on the minimum mandatory dividends.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Article 41</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> - 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>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 1 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Over the amount ascertained as provided for in the
caption of this Article, it will be calculated:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:53.45pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:53.45pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;the statutory participation
of the management, up to the maximum legal limit.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 2 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Paragraph 3 &#8211; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:46.35pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:46.35pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:46.35pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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 </font>
<FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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>
<a name="_bclFooter18"></a><DIV>

 <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">18</font><font style="display:none;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>


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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Paragraph 4 &#8211; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" 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>

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">LIQUIDATION, WINDING-UP AND EXTINGUISHMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Article 42 &#8211; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Paragraph 1 &#8211; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Paragraph 2 - </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Board of Directors shall appoint the liquidator, establish its fees and determine the guidelines for its operation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Article 43 &#8211; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Sole Paragraph &#8211; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Article 44 &#8211;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" 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 lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Article 45 &#8211; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Paragraph 1 &#8211; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Paragraph 2 &#8211; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" 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>

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

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

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">19</FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT></P>

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<DIV style="TEXT-ALIGN: center; DISPLAY: block; TEXT-INDENT: 0pt"><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt; DISPLAY: inline"><FONT style="FONT-WEIGHT: bold; DISPLAY: inline"><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="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align=left><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt; DISPLAY: inline"><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="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align=left><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt; DISPLAY: inline"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Date:&nbsp;April 26, 2019</FONT></FONT></DIV>

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

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

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