<SEC-DOCUMENT>0001292814-20-001249.txt : 20200410
<SEC-HEADER>0001292814-20-001249.hdr.sgml : 20200410
<ACCEPTANCE-DATETIME>20200409200251
ACCESSION NUMBER:		0001292814-20-001249
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20200410
DATE AS OF CHANGE:		20200409

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:		20785799

	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>ambevsa20200409_6k.htm
<DESCRIPTION>AMBEVSA20200409_6K
<TEXT>

<HTML>
<HEAD>
   <TITLE>ambevsa20200409_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<HR align=left color=#000000 SIZE=4 noShade>



<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>

<HR align=center color=#000000 width="21%" noShade>



<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>

<DIV align=center>

<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of April, 2020 </B></FONT></DIV>

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

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

<HR align=center color=#000000 width="21%" noShade>



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

<CENTER></CENTER>

<P align=justify></P>

<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>

<DIV align=center></DIV>

<P align=justify></P>

<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 align=justify></P>

<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>

<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>

<P align=justify></P></DIV>

<HR align=left color=#000000 SIZE=2 noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name="page_1"></A>

<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"><EM>THE OFFERING OF NOTES DESCRIBED HEREIN IS CONDUCTED EXCLUSIVELY IN BRAZIL AND THIS EXTRACT OF THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF AMBEV S.A. DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. THESE NOTES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER SECURITIES ACT OF 1933, AS AMENDED. WE HAVE NOT REGISTERED AND DO NOT INTEND TO REGISTER THE OFFER AND SALE OF THE NOTES IN THE UNITED STATES. </EM></FONT></B></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&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">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" 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" 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" face="Times New Roman">(the &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Company</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" 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: 11pt" face="Times New Roman">Extract of the Minutes of the Meeting of the Board of Directors of Ambev S.A. </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">held on April 9, 2020, drawn up in summary form</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">&nbsp;</P>

<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Date, Time and Venue</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">On April 9, 2020, starting at 4:30 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, 1,017, 4<SUP>th</SUP> floor.</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">2.</FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 7pt; LINE-HEIGHT: 120%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Call and Attendance</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Call notice duly made pursuant to the Company&#8217;s bylaws. </FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Meeting with attendance of </FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 120%" face="Times New Roman">Victorio Carlos De Marchi and Carlos Alves de Brito, copresidents, and Messrs. Milton Seligman, </FONT><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Roberto Moses Thompson Motta, Vicente Falconi Campos, Luis Felipe Pedreira Dutra Leite, Cec&#237;lia Sicupira, Nelson Jos&#233; Jamel, Antonio Carlos Augusto Ribeiro Bonchristiano and Marcos de Barros Lisboa. </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Justified absence of Mr. Jos&#233; Heitor Attilio Gracioso.</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 120%" face="Times New Roman">3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 120%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Board</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman"> Chairman: Victorio Carlos De Marchi; Secretary: Let&#237;cia Rudge Barbosa Kina.</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 120%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Resolutions.</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">After analysis and discussion of the matters included in the agenda, the following was decided, unanimously and with no restrictions, by the board members participating on the meeting</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">4.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">To approve, under the terms of article 21, item &#8220;v&#8221;, of the Company's bylaws and under articles 6 and 7 of Ruling No. 566, from July 31, 2015, of the Securities and Exchange Commission (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">CVM</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;), as amended (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">CVM Ruling 566</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;), the first issuance of commercial promissory notes, in a single series, by the Company, in the total amount of eight hundred and fifty million reais (BRL 850,000,000.00), on the Issuance Date (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Issuance</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221; and &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Promissory Notes</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;, respectively), under the terms of CVM Ruling 566, which will be subject to public distribution with restricted efforts, according to CVM Ruling No. 476, from January 16, 2009, as amended (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">CVM Ruling 476</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221; ), and other applicable legal and regulatory provisions (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Offer</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;), being automatically exempted from registration with CVM, under the terms of CVM Ruling 476, which conditions and specifications shall be detailed and regulated by means of the credit titles of the Promissory Notes to be issued by the Company (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Credit Titles</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;), among which the following main specifications and conditions stand out:</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Total Issuance Amount.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The total&nbsp; of the Issuance shall be eight hundred and fifty million reais (BRL 850,000,000.00), on the Issuance Date (as defined below);</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Issuance Date.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> For all legal purposes and effects, the issuance date of the Promissory Notes shall be the date of its effective subscription and payment, which will be informed in the Credit Titles, under the terms of article 3 of CVM Ruling 566 (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Issuance Date</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;);</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Issuance Number.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> This Issuance represents the first issuance of commercial promissory notes of the Company;</FONT></P>

   <P>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_2"></A>

<a name="_bclPageBorder2"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader2"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></I></FONT></I>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(d)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Unitary Par Value.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The unitary par value of the Promissory Notes, on the Issuance Date, shall be fifty million reais (BRL 50,000,000.00) ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Unitary Par Value</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">");</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(e)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Number of Promissory Notes.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> Seventeen (17) Promissory Notes shall be issued;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(f)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Series Number:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The Issuance will be carried out in a single series;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(g)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Term and Maturity Date.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The Promissory Notes will have a maturity of up to three hundred and sixty-five (365) days counted from the Issuance Date (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Maturity Date</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;), except in the event of early liquidation resulting from an Early Redemption Offer (as defined below) or early termination set forth in the relevant Credit Titles;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(h)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Trustee.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> Simplific Pavarini Distribuidora de T&#237;tulos e Valores Mobili&#225;rios Ltda., a financial institution authorized to act by the Central Bank of Brazil, acting from its branch in the City of S&#227;o Paulo, State of S&#227;o Paulo, Rua Joaquim Floriano 466, bloco B, conj. 1401, Itaim Bibi, Zip Code 04534-002, enrolled with the Corporate Taxpayer&#8217;s Registry (CNPJ/ME) under No. 15.227.994/0004-01 (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Trustee</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;), will be hired, under the terms of the Credit Titles and the services agreement to be entered into by and between the Trustee and the Company, in order to represent the holders of the Promissory Notes (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Title Holders</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;), subject to the provisions of CVM Ruling 583, from December 20, 2016, as amended;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Proof of Ownership.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> For all legal purposes, the ownership of the Promissory Notes will be confirmed by the possession of the Credit Titles, under the terms of the applicable law to such type of credit titles. Additionally, the ownership of the Promissory Notes will be confirmed by means of a statement issued by B3 S.A. &#8211; Brasil, Bolsa, Balc&#227;o&nbsp; &#8211; Segment CETIP UTVM (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">B3</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;) under the name of the relevant holder of the Promissory Notes, for the Promissory Notes that are electronically deposited with B3;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(j)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Funds Destination.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The funds raised through the Offer will be fully used to fund the Company's working capital;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(k)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Payment of the Unitary Par Value.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The Unitary Par Value will be paid in full by the Company to the Title Holders in a single installment, on the Maturity Date or on the early liquidation date, in the event of an Early Redemption Offer or early termination of the Promissory Notes, under the terms of the relevant Credit Titles;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond></FONT></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(l)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp; </FONT></P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond></FONT></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Update of the Unitary Par Value.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The Unitary Par Value of each Promissory Note will not be monetarily updated;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="4%"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>

   <P></P></FONT>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(m)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD vAlign=top width="96%"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>

   <P></P></FONT>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Compensation.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The Unitary Par Value of each Promissory Note will bear compensatory interests corresponding to the accrued variation of one hundred percent (100%) of the daily average rates of DI - Interbank Deposits of one day, "</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">over extra group</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">", expressed <FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">as a percentage per year, based on two hundred and fifty-two (252) Business Days (as defined below), daily calculated and published by B3 S.A. &#8211; Brasil, Bolsa, Balc&#227;o, on the daily newsletter available in its website (http://www.b3.com.br) (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">DI Rate</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&#8221;), exponentially increased of surcharge (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">spread</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">) equal to two integers and sixty hundredths percent (2.60%) per year, based on two hundred and fifty-two (252) Business Days (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Surcharge</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&#8221; and, jointly with DI Rate, the &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Compensation</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&#8221;), calculated exponentially and cumulatively as </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">pro rata temporis </FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">per Business Days elapsed, from the Issuance Date until the actual payment date, considering, for such purpose, the criteria established on the &#8220;Notebook of Formulas, Commercial Notes - CETIP21&#8221;, available on the B3 website (http://www.b3.com.br), calculated according to the formula to be set forth in the Credit Titles; </FONT></FONT>
   </P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<a name="_bclFooter2"></a><DIV>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_3"></A>

<a name="_bclPageBorder3"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader3"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(n)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Compensation Payment Date.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Compensation will be paid in full by the Company to the Title Holders in a single installment, on the Maturity Date or on the early liquidation date, in the event of an Early Redemption Offer or early termination of the Promissory Notes, under the terms of the relevant Credit Titles;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(o)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Terms Extension.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The terms for the payment of any obligation relating to the Promissory Notes set forth in the Credit Titles will be considered automatically extended if their expiration date coincides with any day that is a Saturday, Sunday or national holiday until the first (1st) subsequent Business Day, with no increase in the amounts to be paid. For the purposes of the Issuance, &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Business Day(s)</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221; means any day except Saturdays, Sundays and national holidays;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(p)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Scheduled Renegotiation.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The Promissory Notes will not be subject to scheduled renegotiation;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(q)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P>&nbsp;</P></TD>

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

   <P></P>

   <P><STRONG></STRONG></P>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: justify; LINE-HEIGHT: 16pt; MARGIN-RIGHT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Optional Early Redemption of Promissory Notes.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The Promissory Notes cannot be redeemed in advance on an optional basis by the Company;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(r)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Early Redemption Offer.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The Company may, at its sole discretion, make, at any time, an early redemption offer for all or part of the Promissory Notes, which shall be addressed to all Title Holders, with no distinction, ensuring equal conditions for all to accept the early redemption of the Promissory Notes that they hold, in accordance with the terms and conditions set forth in the Credit Titles (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Early Redemption Offer</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;). The Company will carry out the Early Redemption Offer by publishing an announcement to be widely disclosed under the terms of the Promissory Notes, or by sending a communication to all Title Holders, with a copy to the Trustee, with, at least, ten (10) days and, at most, forty five (45) days in advance of the date intended for the redemption, which must describe the terms and conditions of the Early Redemption Offer, including: (i) the form and term of manifestation of the Title Holders who accept the Early Redemption Offer to the Company, with a copy to the Trustee, which term cannot be less than five (5) days, (ii) the number of Promissory Notes subject to the Early Redemption Offer, (iii)&nbsp;the effective date for the full redemption of the Promissory Notes and payment <FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">of the amounts due to the Title Holders, (iv) the percentage of the early redemption premium, if any, which cannot be negative, (v) the estimate of the amount to be paid to the Title Holders in case of adhesion to the Early Redemption Offer, and (vi) the other information necessary for the decision making and operationalization by the Title Holders (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Early Redemption Offer Notice</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&#8221;). After the publication or communication of the Early Redemption Offer terms, the Title Holders who choose to adhere to said offer shall communicate, irrevocably and irreversibly, directly to the Company, with a copy to the Trustee, within the term provided for in the Early Redemption Offer Notice. The redemption of all Promissory Notes shall take place on a single date. At the time of redemption arising from the Early Redemption Offer, the Company must notify B3 of its occurrence with at least three (3) Business Days in advance. The Promissory Notes subject to the Early Redemption Offer that are redeemed by the Company must be mandatorily canceled by the Company, subject to the regulations in force. If (i) the Promissory Notes are deposited electronically in B3, the early redemption of the Promissory Notes must occur in accordance with the operational procedures provided for by B3, or (ii) the Promissory Notes are held in custody out of B3 environment, the early redemption of the Promissory Notes must take place at the Company's headquarters or in accordance with the operating procedures provided for by the Mandated Bank (as defined below), as applicable. All costs arising from the Early Redemption Offer will be fully borne by the Company. The Early Redemption Offer is irrevocable and irreversible by the Company. If the Company fails to redeem the Promissory Notes held by Title Holders that have expressed to be in favor of the redemption on the date set forth in the Early Redemption Offer Notice, then, in addition to the Compensation, Late Payment Fees (as defined below) will also be charged until the date of the actual payment. If the adhesion of the Title Holders to the Early Redemption Offer exceeds the maximum quantity covered by the Early Redemption Offer proposed by the Company, the Company may (i) redeem all of the Title Holders that have adhered to the Early Redemption Offer, as if such maximum quantity was inexistent, or (ii) cancel the Early Redemption Offer, informing the Title Holders within two (2) Business Days as of the confirmation, by the Company, of the number of Title Holders that have adhered to the Early Redemption Offer. If the Company does not take action within such term, the Early Redemption Offer will be cancelled;&nbsp;</FONT>&nbsp;</FONT>

   </P>

   <P>&nbsp;</P></TD></TR></TABLE>

<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: justify; LINE-HEIGHT: 16pt; MARGIN-RIGHT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: justify; LINE-HEIGHT: 16pt; MARGIN-RIGHT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"></FONT>&nbsp;</P>

<a name="_bclFooter3"></a><DIV>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<P>&nbsp;</P>

&nbsp; <A name="page_5"></A>

<a name="_bclPageBorder5"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader5"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(s)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Late Payment Fees.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">In the event of delay by the Company in the payment of any amount due to the Title Holders under the terms of the relevant Credit Titles, any and all amounts in arrears will bear, regardless of notice, notification or judicial or extrajudicial interpellation, (i) default interest of one percent (1%) per month, calculated </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">pro rata temporis</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">, from the maturity date until the actual payment date, and (ii) non-compensatory fine of two percent (2%) (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Late Payment Fees</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&#8221;), without prejudice to the payment of the Compensation;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(t)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Guarantees.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">The Promissory Notes will not have any real or personal guarantees and shall not be guaranteed;</FONT></P>

   <P>&nbsp;</P></TD></TR></TABLE>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(u)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Early Termination.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">In compliance with the provisions of the Credit Titles, the obligations relating to the Promissory Notes may be considered early terminated by the Trustee, as the representative of the Title Holders, regardless of notice, notification or judicial or extrajudicial interpellation, due to the occurrence of certain events, which will be negotiated based on automatic and non-automatic early termination scenarios commonly seen in transactions of this nature and will be detailed in the Credit Titles. If the obligations relating to the Promissory Notes are declared due in advance, the Company must immediately communicate B3 and redeem all the Promissory Notes, with their subsequent cancellation, at the Unitary Par Value of the Promissory Notes, increased by the applicable Compensation, calculated </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">pro rata temporis</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">, from the Issuance Date to the actual payment date, with no prejudice to the payment of Late Payment Fees, when applicable, and of any other amounts that may be due by the Company under the terms set forth in the Credit Titles;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Placement and Distribution Procedure.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The Promissory Notes will be subject to public distribution, with restricted efforts, as per the terms of CVM Ruling 476, under the strict guarantee scheme of placement of the Lead Coordinator (as defined below), for the amount of eight hundred and fifty million reais (BRL&nbsp;850,000,000.00), according to the terms of the &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Coordination, Placement and Public Distribution Agreement of Promissory Notes, with Restricted Efforts, under the Strict Guarantee Scheme of Placement, in a Single Series, of the First (1st) Issuance by Ambev S.A.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">", to be entered into by and between the Company and the institution(s) that is(are) part of the securities distribution system that may be hired to intermediate the Offer ("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Distribution Agreement</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">" and &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Lead Coordinator</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;, respectively);</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(w)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Distribution Plan.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The distribution plan will be organized by the Lead Coordinator and will follow the procedures described in CVM Ruling 476 and in the Distribution Agreement, targeting exclusively Professional Investors (as defined in the Credit Titles). For this purpose, the Lead Coordinator may access a maximum of seventy five (75) Professional Investors, with the possibility of subscription or acquisition of the Promissory Notes by a maximum of fifty (50) Professional Investors, under the terms of article 3, items I and II, of CVM Ruling 476;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(x)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P><STRONG></STRONG></P>

   <P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0in; TEXT-ALIGN: justify; LINE-HEIGHT: 16pt; MARGIN-RIGHT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Distribution, Trading and Electronic Custody.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The Promissory Notes will be deposited for (i) distribution in the primary market exclusively through the Assets Distribution Module (</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">MDA &#8211; Modo de Distribui&#231;&#227;o de Ativos</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">)</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">(&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">MDA</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&#8221;), managed and operated by B3, and the distribution will be financially liquidated through B3, provided that, simultaneously with the liquidation, the Promissory Notes will be deposited on behalf of their relevant Title Holders in the B3 Electronic Custody System, and (ii) trading on the secondary market through CETIP21 &#8211; Bonds and Securities, managed and operated by B3, and the negotiations will be financially liquidated and the Promissory Notes deposited electronically at B3. The Promissory Notes may only be traded, as provided for in articles 13 and 15 of CVM Ruling 476, in the regulated securities markets after ninety (90) days have elapsed from the date of their subscription or acquisition by Professional <FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Investors, except in the event of the batch of Promissory Notes subject to the exercise of the strict guarantee by the Lead Coordinator, provided that, in the subsequent negotiation: (i) the negotiation restriction of ninety (90) days referred to above, as from the exercise of the strict guarantee, shall be observed by the acquirer, and (ii) the limitations and conditions set forth in articles 2 and 3 of CVM Ruling 476 and other applicable legal and regulatory provisions must be observed;</FONT></FONT>
   </P></TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>

<a name="_bclFooter5"></a><DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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">4</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_6"></A>

<a name="_bclPageBorder6"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader6"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(y)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Form, Subscription and Payment.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">The Promissory Notes will be issued in cartulary form, and will be held in custody at Ita&#250; Corretora de Valores S.A., a company regularly incorporated and authorized to operate by the Central Bank of Brazil under the terms of the Resolution of the Brazilian National Monetary Council No. 1655, of October 26, 1989, headquartered in the City of S&#227;o Paulo, State of S&#227;o Paulo, at Avenida Brigadeiro Faria Lima, No. 3500, 3rd floor, ZIP Code 04538-132, enrolled with Corporate Taxpayer&#8217;s Registry (CNPJ/ME) under No.&nbsp;61.194.353/0001-64, as custodian services provider for the physical custody of the Promissory Notes</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line" face="Times New Roman"></FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">("</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Custodian</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">", the definition of which includes any other institution that shall succeed the Custodian in providing the custodian services for the Promissory Notes), and will circulate in full endorsement, with no guarantee from the endorser, of mere transfer of ownership. While subject to the central deposit, the circulation of the Promissory Notes will operate by book-entry registries in the deposit accounts held with B3, which will endorse the Credit Titles of the Promissory Notes to the definitive creditor in the event of extinction of the B3 registration. Ita&#250; Unibanco S.A., a financial institution with address in the City of S&#227;o Paulo, State of S&#227;o Paulo, at Pra&#231;a Alfredo Egydio de Souza Aranha, 100, ZIP Code 04344-902, enrolled with Corporate Taxpayer&#8217;s Registry (CNPJ/ME) under No. 60.701.190/0001-04, will be hired to act as the Issuance&#8217;s mandated bank (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Mandated Bank</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&#8221;, the definition of which includes any other institution that may succeed the Mandated Bank in the rendering of mandated bank services of the Issuance). The price of subscription and payment of the Promissory Notes will correspond to the Unitary Par Value and its payment shall be in cash, upon subscription, on the Issuance Date, exclusively through the MDA, in accordance with the liquidation rules of B3, in national currency. All Promissory Notes will be subscribed and paid on the same date. The subscription price may be increased by goodwill or negative goodwill on the payment date, as long as they are offered under equal conditions to the Professional Investors;</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(z)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Payment Location.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The payments to which the Title Holders are entitled will be made by the Company on the relevant maturity date in accordance with B3 procedures for the Promissory Notes that are electronically deposited at B3 or, if they are not electronically deposited at B3, at the Company's headquarters, or, also, in accordance with the procedures adopted by the Mandated Bank, as applicable. Those that are Title Holders at the end of the business day immediately preceding the relevant payment date will be entitled to receive any amount due; and</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face=garamond>(aa)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt; LINE-HEIGHT: 16pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Other Specifications.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"> The other specifications of the Promissory Notes and the Offer will be described in each of the Credit Titles.</FONT></P>

   <P>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 28.35pt; TEXT-INDENT: -28.35pt">
<FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"></FONT>&nbsp;</P>

<a name="_bclFooter6"></a><DIV>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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">5</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_7"></A>

<a name="_bclPageBorder7"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader7"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="4%">

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">4.2.&nbsp;&nbsp;&nbsp;</FONT></B></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">To approve the authorization for the Executive Board of Directors the Company to perform all acts necessary to carry out, formalize, perfect and conclude the Issuance and the Offer, especially, but not limited to, with regard to the (a) discussion, negotiation and definition of the terms and conditions of the Promissory Notes: (b) hiring of the Lead Coordinator&nbsp; to carry out the placement of the Promissory&nbsp; Notes within the scope of the Offer through the execution of the Distribution Agreement, as well as the hiring of the other services relating to the Issuance and the Offer, including, but not limited to, the Mandated Bank, the Custodian, the Trustee and the legal advisors, among other service providers that may be required, being authorized, for this purpose, to negotiate and fix the price and conditions for the relevant service providers and to enter into the relevant agreements; and (c) issuance of the Credit Titles, execution of agreements with the service providers indicated in item (b) above, including, but not limited to, the Distribution Agreement, for the hiring of the Lead Coordinator, in order to carry out the public distribution of the Promissory Notes, and any other documents that may be necessary to conduct the Issuance and the Offer, as well as any amendments&nbsp; and powers-of-attorney that may be necessary.</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">4.3.&nbsp;&nbsp;&nbsp;</FONT></B></P>

   <P></P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman">Ratify any and all acts performed until now by the Executive Board of Directors and/or attorneys-in-fact of the Company for the implementation of the Issuance and the Offer.</FONT></P>

   <P>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="4%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">5.&nbsp;&nbsp;&nbsp;</FONT></B></P>

   <P></P></TD>

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

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"><STRONG><U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Closure</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">.</FONT></STRONG><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman"><STRONG> </STRONG>With no further matters to be discussed, the present Minutes were drawn up and duly executed</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 120%" face="Times New Roman">.</FONT></FONT></P>

   <P>&nbsp;</P></TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0in 0.5in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0pt; LINE-HEIGHT: 16pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 16pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 120%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 120%" face="Times New Roman">S&#227;o Paulo, April 9, 2020.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 120%" face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=black face="Times New Roman">/s/ </FONT><FONT style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 120%" color=black face="Times New Roman">Victorio Carlos De Marchi</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=black face="Times New Roman">/s/ </FONT><FONT style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 120%" color=black face="Times New Roman">Carlos Alves de Brito</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=black face="Times New Roman">/s/ </FONT><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Milton Seligman</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=black face="Times New Roman">&nbsp;&nbsp; /s/ </FONT><FONT style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 120%" color=black face="Times New Roman">Luis Felipe Pedreira Dutra Leite</FONT><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=black face="Times New Roman"> </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%" align=center>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=#000000 face="Times New Roman">/s/ </FONT><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Cec&#237;lia Sicupira</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="66%" colSpan=2 align=center>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=center><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=#000000 face="Times New Roman">/s/ </FONT><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Antonio Carlos Augusto Ribeiro Bonchristiano</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="66%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=#000000 face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=#000000 face="Times New Roman">/s/ </FONT><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Marcos de Barros Lisboa</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=#000000 face="Times New Roman">/s/</FONT><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman"> Vicente Falconi Campos</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="66%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=black face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">/s/ </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Roberto Moses Thompson Motta</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=black face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=black face="Times New Roman">/s/ Nelson Jos&#233; Jamel</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=black face="Times New Roman"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" color=black face="Times New Roman">/s/ </FONT><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Let&#237;cia Rudge Barbosa Kina</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT style="FONT-SIZE: 11pt; LINE-HEIGHT: 120%" face="Times New Roman">Secretary</FONT></I></P></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LAYOUT-GRID-MODE: line; LINE-HEIGHT: 120%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><FONT lang=PT-BR style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" color=red face="Times New Roman"></FONT>&nbsp;</P>

<a name="_bclFooter7"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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">6</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<HR align=center SIZE=2 width="100%" noShade>



<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;April 9, 2020</FONT></FONT></DIV>

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<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>

<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="51%" colSpan=2 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">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>

<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%" 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">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>

<DIV id=PGBRK style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">

<DIV id=FTR>

<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT style="FONT-FAMILY: 'Times New Roman; COLOR: #000000; FONT-SIZE: 8pt; DISPLAY: inline"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp; </FONT></FONT></DIV></DIV>

<DIV id=PN>

<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT style="FONT-FAMILY: 'Times New Roman; FONT-SIZE: 8pt; DISPLAY: inline"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp; </FONT></FONT></DIV></DIV>

<DIV id=HDR>

<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT style="FONT-FAMILY: 'Times New Roman; COLOR: #000000; FONT-SIZE: 8pt; DISPLAY: inline"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp; </FONT></FONT></DIV></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV></DIV>

<DIV></DIV>

<DIV></DIV>

<DIV></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
