<SEC-DOCUMENT>0001292814-19-002057.txt : 20190530
<SEC-HEADER>0001292814-19-002057.hdr.sgml : 20190530
<ACCEPTANCE-DATETIME>20190529185254
ACCESSION NUMBER:		0001292814-19-002057
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190630
FILED AS OF DATE:		20190530
DATE AS OF CHANGE:		20190529

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:		19863792

	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>ambevsa20190529_6k4.htm
<DESCRIPTION>AMBEVSA20190529_6K4
<TEXT>

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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>

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

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

<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>

<P></P>

<DIV align=center>

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

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

<P></P>

<P align=justify></P>

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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>

<P></P>

<DIV align=center>

<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><FONT color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=black face="times new roman"></FONT></B></FONT></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=black face="times new roman">POLICY ON REMUNERATION AND CONCESSION OF OPTIONS TO THE EXECUTIVE BOARD</FONT></B></FONT></FONT></B><FONT color=black face="times new roman"></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">SUMMARY</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P>

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   <TD width="3%">
   <A href="#_Toc533408466"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=blue face="times new roman">1.</FONT></U></A></TD>

   <TD width="94%"><U><FONT color=#0000ff size=2>PURPOSE</FONT></U></TD>

   <TD width="3%" align=right><FONT size=2>2</FONT></TD></TR>

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   <TD width="3%">
   <A href="#_Toc533408467"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=blue face="times new roman">2.</FONT></U></A></TD>

   <TD width="94%"><U><FONT color=#0000ff size=2>PRINCIPLES</FONT></U></TD>

   <TD width="3%" align=right><FONT size=2>2</FONT></TD></TR>

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   <TD width="3%">
   <A href="#_Toc533408468"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=blue face="times new roman">3.</FONT></U></A></TD>

   <TD width="94%"><U><FONT color=#0000ff size=2>FUNCTIONS</FONT></U></TD>

   <TD width="3%" align=right><FONT size=2>2</FONT></TD></TR>

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   <TD width="3%">
   <A href="#_Toc533408469"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=blue face="times new roman">4.</FONT></U></A></TD>

   <TD width="94%"><U><FONT color=#0000ff size=2>FIXED REMUNERATION AND BENEFITS</FONT></U></TD>

   <TD width="3%" align=right><FONT size=2>3</FONT></TD></TR>

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   <TD width="3%">
   <A href="#_Toc533408470"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=blue face="times new roman">5.</FONT></U></A></TD>

   <TD width="94%"><U><FONT color=#0000ff size=2>INDIVIDUAL PROMOTIONS</FONT></U></TD>

   <TD width="3%" align=right><FONT size=2>3</FONT></TD></TR>

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   <TD width="3%">
   <A href="#_Toc533408471"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=blue face="times new roman">6.</FONT></U></A></TD>

   <TD width="94%"><U><FONT color=#0000ff size=2>VARIABLE REMUNERATION - BONUS</FONT></U></TD>

   <TD width="3%" align=right><FONT size=2>4</FONT></TD></TR>

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   <TD width="3%"><U><FONT color=#0000ff size=2>7.</FONT></U></TD>

   <TD width="94%"><U><FONT color=#0000ff size=2>PAYMENT PLAN BASED ON SHARES</FONT></U></TD>

   <TD width="3%" align=right><FONT size=2>6</FONT></TD></TR>

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   <TD width="3%">
   <A href="#_Toc533408473"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=blue face="times new roman">8.</FONT></U></A></TD>

   <TD width="94%"><U><FONT color=#0000ff size=2>STOCK OPTION PLAN</FONT></U></TD>

   <TD width="3%" align=right><FONT size=2>6</FONT></TD></TR>

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   <TD width="3%">
   <A href="#_Toc533408474"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=blue face="times new roman">9.</FONT></U></A></TD>

   <TD width="94%"><U><FONT color=#0000ff size=2>TERM OF EFFECTIVENESS AND RESPONSIBILITY</FONT></U></TD>

   <TD width="3%" align=right><FONT size=2>6</FONT></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=black face="times new roman"></FONT></B></FONT></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=black face="times new roman">POLICY ON REMUNERATION AND CONCESSION OF OPTIONS TO THE EXECUTIVE BOARD</FONT></B></FONT></FONT></B><FONT color=black face="times new roman"></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<H2 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">PURPOSE</FONT></B></H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.2pt; TEXT-INDENT: -28.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">1.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; This policy establishes the guidelines to determine the remuneration of the Executive Board members appointed pursuant to the bylaws of Ambev S.A. (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">Company</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&#8221;), as well as the possibility to grant Company&#8217;s stock options to such members, aiming the development of the Company&#8217;s executives in conformity with the long-term generation of value, with focus on results</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: both; LINE-HEIGHT: 115%" face="times new roman"> and</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman"> based upon meritocracy (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">Policy</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.2pt; TEXT-INDENT: -28.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">1.2.&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">Every financial year, the Board of Directors shall break down the total remuneration of the Company&#8217;s management as approved by the General Meeting for the Executive Board, with due regard for &nbsp;the provisions of this Policy.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<H2 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><A name="_Toc533408467"></A><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">PRINCIPLES</FONT></B></H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">2.1.&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">The remuneration </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">of the</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman"> executive officers appointed pursuant to the bylaws of the Company shall be determined according to the following principles:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -42.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&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: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">the remuneration constitutes instrument of attraction and retention of talents;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -42.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" 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: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">the remuneration shall be competitive in relation to the companies operating in the market in which the Company operates (market of high consumption goods);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -42.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">the remuneration shall be aligned with the Company&#8217;s performance culture, attributing greater emphasis to its variable component, based upon results and exceptional performance;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -42.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">(iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">the remuneration shall provide long-term generation of value;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -42.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">(v)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" 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: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">the remuneration shall take organizational performance and individual performance into account;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -42.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">(vi)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">the remuneration shall involve cascading goals in the sense of creating alignment in the entire organization; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -42.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">(vii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" 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: 12pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 115%" face="times new roman">the remuneration shall be in conformity with the company&#8217;s success in the medium and long term.</FONT></P>

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<H2 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><A name="_Toc533408468"></A><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">FUNCTIONS</FONT></B></H2>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.2pt; TEXT-INDENT: -28.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">3.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; According to the organization of the Company&#8217;s functions in ranges and grades, defined based on the Hay function assessment methodology, the members of the Executive Board of the Company are categorized in ranges 0 (grades 25 and 24), I (grades 23 and 22) and II (grades 21 and 20), with exception of the Chief&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">Executive Officer, which is at the top of the hierarchical structure of the Executive Board.</FONT></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=black face="times new roman"></FONT></B></FONT></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=black face="times new roman">POLICY ON REMUNERATION AND CONCESSION OF OPTIONS TO THE EXECUTIVE BOARD</FONT></B></FONT></FONT></B><FONT color=black face="times new roman"></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.2pt; TEXT-INDENT: -28.2pt"><A name="_Toc533408469"></A><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">FIXED REMUNERATION AND BENEFITS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><A name="_Toc228873983"></A><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">4.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">Remuneration Brackets</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">. The ranges of remuneration of the executive officers of the Company are established by the People and Management Area, annually, based upon market research, taking asa &nbsp;parameter the average identified in the market for each grade (market reference remuneration or average point). Each remuneration range shall vary from 80% (lower limit) to 120% (upper limit) of the average point related to the relevant grade. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">4.2.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><I><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">Pro labore</FONT></U></I><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"> Admission</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">. In the events of admission for the function of executive officer appointed by the bylaws of the Company, the recommended remuneration is 80% of the average point of the respective remuneration range (lower limit). In relatio to professional with&nbsp; low and difficult offer on the market and with evidenced skills and experience, the remuneration of admission may reach the average point of the remuneration range, provided it was previously approved by the Chief Executive Officer, in case of a member of the Executive Board, or by the Board of Directors, in&nbsp; case of the Chief Executive Officer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.4pt; TEXT-INDENT: -35.4pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">4.3&nbsp;&nbsp;&nbsp; </FONT></B><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">Promotion</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">. In the event of internal promotion of an employee to the executive board,appointed pursuant to the bylaws of the Company, section 5 of this Policy shall be observed.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">4.4.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; </FONT><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">Fixed Remuneration</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">. The executive officers shall be entitled to a fixed remuneration, paid in the form of &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">pro-labore</FONT></I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&#8221;, in 12 monthly installments, with due regard for the provisions of item 1.2 above.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">4.5.&nbsp;&nbsp; </FONT></B><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">Benefits</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">. The executive officers shall be entitled to receive the benefits provided in the Company&#8217;s benefit policy, which shall be prepared and reviewed by the People and Management Area. Furthermore, the executive officers may opt for participating on the private pension plan of the Company, to which the Company shall further make partial contributions.</FONT></P>

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<H2 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><A name="_Toc533408470"></A><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">INDIVIDUAL PROMOTIONS </FONT></B></H2>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: 115%" face="times new roman">5.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">Individual promotions may be classified as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -39.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">5.1.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">Vertical Promotion</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">. Vertical promotion means functional rise in the Company&#8217;s functions structure, including change of function and grade. The new remuneration range shall be placed, preferably, at the lower limit, and all promotions shall observe the budget approved, representing the maximum raise of 25%.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -39.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">5.1.2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">Horizontal Movement</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">. Horizontal Movement means changing function, including raise of remuneration per merit, with no change of grade, maintaining the remuneration range. The horizontal movement shall be defined annually and the raise on remuneration resulting therefrom shall not exceed 15% and shall not result in placement above the upper limit of the remuneration range.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">5.1.3.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Any exceptions to the rules provided in this section 5 shall be approved by the Chief&nbsp; Executive Officer in the event of movement of the other members of the Executive Board or by the Board of Directors in the event of movement of the Chief&nbsp; Executive Officer. </FONT></P>

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<H2 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><A name="_Toc533408471"></A><A name="_Toc523952341"></A><A name="_Toc523952342"></A><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">6.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">VARIABLE REMUNERATION - BONUS</FONT></B></H2>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">6.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; The members of the Executive Board of the Company are eligible for receiving a bonus, with due regard for the admission and promotion rules, and shall be awarded without needing any ranking. The amount of the bonus to be paid shall be affected according to the area and the grade of the relevant executive, always with due regard for the elimination rules established by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">6.2.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; The bonus of the members of the Executive Board of the Company shall be calculated based upon: </FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">(i)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"> achievement of the financial indicators established by the Company; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">(ii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"> achievement of the operational performance goals of the Company; and </FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">(iii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"> achievement of individual performance goals of the relevant executive.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">6.2.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; The components of the financial and operational goals of the Company shall be aligned with the annual budget approved by the Board of Directors and with the purposes of the Company for a certain fiscal year.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.8pt; TEXT-INDENT: -70.8pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">6.2.2.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; The result of the individual goals of the executive officers shall be obtained according to the score achieved in their assessment of goals and, to be entitled to such bonus, the executive officers shall compulsorily achieve, at least, 35% of their individual goals.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">6.2.3.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; The grounds to establish the multipliers of the calculation model described above, as well as the other rules of ascertainment of goals, shall be included in the goals deployment standards of the Chief&nbsp; Executive Officer and of ranges 0 to IV, which shall be prepared and reviewed by the People and Management Area of the Company.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt" align=left><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">6.2.4.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; The bonus calculation formula may include a discretionary additional individual premium of 20% for up to 15% of the top performers of the group composed of individuals from ranges 0 to III. To be eligible for such a premium, the executive officers shall have reached, at least, 35% of their individual performance goals, and the Chief Executive Officer shall be responsible for determining which executive officers shall receive the individual discretionary premium. One of the Co-Chairmen of the Board of Directors of the Company shall decide upon the attribution of individual discretionary premium to the Chief Executive Officer.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">6.3.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; The bonus shall be calculated based upon the position occupied by the executive officer on September 30 of the relevant year, using the target bonus of the range and the average point of the remuneration range applicable to the grade</FONT><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">6.4.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; All executive officers admitted in their positions up to September 30 and active up to December 31 shall be entitled to receive bonus, with due regard for the following rules:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&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: 12pt; LINE-HEIGHT: 115%" face="times new roman">executive officers admitted up to March 31 (inclusive) are eligible for 100% of the bonus; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" 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: 12pt; LINE-HEIGHT: 115%" face="times new roman">executive officers admitted subsequently to October 1<SUP>st</SUP> (inclusive) are not eligible in such year; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">executive officers admitted between April 1<SUP>st</SUP> and September 30 receive bonus proportional to the number of months worked.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">6.4.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; In events of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">(i)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"> forced termination, without good cause, subsequently to May 1<SUP>st</SUP> (inclusive) up to December 31 of the relevant year; or </FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">(ii)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"> termination resulting from retirement subsequently to May 1<SUP>st</SUP> (inclusive) up to December 31 of the relevant year, subsequently to achieving 70 years cumulated (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">i.e.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">, sum of the age plus employment period in the Company on the termination date), the bonus shall be calculated proportionately to the period worked during the relevant year.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face="times new roman">PAGE: </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face="times new roman"></FONT></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face="times new roman">6</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face="times new roman"></FONT></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face="times new roman"> / 7</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=black face="times new roman">POLICY ON REMUNERATION AND CONCESSION OF OPTIONS TO THE EXECUTIVE BOARD</FONT></B></FONT></FONT></B><FONT color=black face="times new roman"></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">6.4.2.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; Executive officers in leave of absence for a period exceeding 120 days in the year are not eligible for bonus in the respective year, except in events of leave of absence resulting from pregnancy, paternity leave or occupational accident.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 70.9pt; TEXT-INDENT: -42.55pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">6.4.3.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;&nbsp; Any exceptions to the rules provided in this item 6.4 shall be approved by the Chief Executive Officer in relation to the other members of the Executive Board or by the Board of Directors in relation to the Chief Executive Officer.</FONT></P>

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<H2 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><A name="_Toc533408472"></A><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">PAYMENT PLAN BASED ON SHARES</FONT></B></H2>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">7.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">The Board of Directors may further grant to the executive officers shares of the Company, the delivery of which is subject to permanency in the Company and to the elapse of grace periods, as established by the Board of Directors. The concession of the Company&#8217;s shares under such terms shall observe the provisions of the payment plan based upon shares approved by the General Meeting of the Company and upon the program approved within the scope of such plan by the Board of Directors.</FONT></P>

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<H2 style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><A name="_Toc533408473"></A><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: none; LINE-HEIGHT: 115%" face="times new roman">STOCK OPTION PLAN </FONT></B></H2>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">8.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp; The Board of Directors may further grant to the executive officers stock options, exercisable subsequently to the grace period established by the Board of Directors and provided that the executive remains in the Company during such period. The concession of stock options under such terms shall observe the provisions of the stock option plan approved by the General Meeting of the Company as well as by the program approved within the scope of such plan by the Board of Directors.</FONT></P>

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<H2 style="MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><A name="_Toc533408474"></A><A name="_Toc523902866"></A><A name="_Toc523902644"></A><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: 115%" face="times new roman">9.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: 115%" face="times new roman">TERM OF EFFECTIVENESS AND <A name="_Toc273447781"></A><A name="_Toc523844080"></A><A name="_Toc523844081"></A><A name="_Toc523844082"></A><A name="_Toc523844083"></A><A name="_Toc523844084"></A><A name="_Toc523844085"></A><A name="_Toc523844086"></A><A name="_Toc523844087"></A><A name="_Toc523844088"></A><A name="_Toc523844089"></A><A name="_Toc523844090"></A><A name="_Toc523844091"></A><A name="_Toc523844092"></A><A name="_Toc523844093"></A><A name="_Toc523844094"></A>RESPONSIBILITY</FONT></B></H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.7pt; TEXT-INDENT: -28.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">9.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">This Policy shall become effective on the date of its approval by the Board of Directors of the Company and may solely be amended upon resolution and approval by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.7pt; TEXT-INDENT: -28.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 70.9pt; TEXT-INDENT: -42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">9.1.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">The Board of Directors may, whenever deemed necessary thereby, review and approve the amendment to this Policy, according to amendments to the bylaws, legislations or regulations to which the Company is subject. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.7pt; TEXT-INDENT: -28.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.7pt; TEXT-INDENT: -28.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">9.2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">Any omissions in this Policy shall be resolved by the Board of Directors.</FONT></P></DIV>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face="times new roman">PAGE: </FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face="times new roman"></FONT></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face="times new roman">7</FONT><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face="times new roman"></FONT></FONT><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face="times new roman"> / 7</FONT></P></TD></TR>

<TR style="HEIGHT: 0.35in; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 0.35in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.55pt; PADDING-RIGHT: 3.55pt" width="100%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=black face="times new roman"></FONT></B></FONT></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT><FONT color=black face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" color=black face="times new roman">POLICY ON REMUNERATION AND CONCESSION OF OPTIONS TO THE EXECUTIVE BOARD</FONT></B></FONT></FONT></B><FONT color=black face="times new roman"></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.7pt; TEXT-INDENT: -28.7pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.7pt; TEXT-INDENT: -28.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">9.3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">Subsequently to the approval by the Board of Directors, this Policy shall be internally disclosed by the Company to those responsible for its implementation and one copy hereof shall be filed with the Legal Executive Board of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; TEXT-INDENT: -28.35pt"><FONT style="DISPLAY: none" face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">9.4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 115%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman">The People and Management Executive Board of the Company shall be responsible for implementing procedures and standards necessary to guarantee compliance with this Policy.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" 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: 12pt; LINE-HEIGHT: 115%" face="times new roman">***</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: -42.55pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 115%" face="times new roman"></FONT>&nbsp;</P></DIV>

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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>

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

<DIV style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align=justify></DIV>

<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;May 29, 2019</FONT></FONT></DIV>

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   <TD vAlign=middle width="49%"><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 8pt; DISPLAY: inline">&nbsp; </FONT></TD>

   <TD vAlign=middle width="2%"><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 8pt; DISPLAY: inline">&nbsp; </FONT></TD>

   <TD vAlign=middle width="49%"><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 8pt; DISPLAY: inline">&nbsp; </FONT></TD></TR>

<TR>

   <TD vAlign=middle width="49%"><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 8pt; DISPLAY: inline">&nbsp; </FONT></TD>

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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">AMBEV S.A. </FONT></DIV></TD></TR>

<TR>

   <TD vAlign=middle width="49%"><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 8pt; DISPLAY: inline">&nbsp; </FONT></TD>

   <TD vAlign=middle width="2%"><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 8pt; DISPLAY: inline">&nbsp; </FONT></TD>

   <TD vAlign=middle width="49%"><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 8pt; DISPLAY: inline">&nbsp; </FONT></TD></TR>

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   <TD vAlign=middle width="49%"><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 8pt; DISPLAY: inline">&nbsp; </FONT></TD>

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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">By:&nbsp; </FONT></DIV></TD>

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

   <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>

<TR>

   <TD vAlign=middle width="51%" colSpan=2><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 8pt; DISPLAY: inline">&nbsp; </FONT></TD>

   <TD vAlign=middle width="49%" align=left>

   <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>

   <DIV style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align=left>

   <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">Chief Financial and Investor Relations Officer</FONT></DIV></DIV></TD></TR></TABLE></DIV></DIV>

<DIV><FONT style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</DIV>

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