<SEC-DOCUMENT>0001292814-21-000604.txt : 20210225
<SEC-HEADER>0001292814-21-000604.hdr.sgml : 20210225
<ACCEPTANCE-DATETIME>20210225061442
ACCESSION NUMBER:		0001292814-21-000604
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210225
DATE AS OF CHANGE:		20210225

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:		21676286

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
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<FILENAME>ambevsapr4q20_6k.htm
<DESCRIPTION>6-K
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<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Report of Foreign Private Issuer<BR>
Pursuant to Rule 13a-16 or 15d-16 of the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Securities Exchange Act of 1934</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of February, 2021</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

<P STYLE="color: #595959; font: 1pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="color: #595959; font: 19pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><B>AMBEV REPORTS
2020 FOURTH QUARTER AND FULL YEAR RESULTS UNDER IFRS</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><B>S&atilde;o Paulo,
February 25, 2021</B> &ndash; Ambev S.A. [B3: ABEV3; NYSE: ABEV] announces its results for the fourth quarter and full year of
2020. The following operating and financial information, unless otherwise indicated, is presented in nominal <I>Reais</I> and prepared
according to the International Financial Reporting Standards (&ldquo;IFRS&rdquo;) issued by the International Accounting Standards
Board (&ldquo;IASB&rdquo;) and to the accounting practices issued by the Brazilian Accounting Standards Committee (&quot;CPC&rdquo;)
and approved by the Brazilian Securities and Exchange Commission (&ldquo;CVM&rdquo;). The information herein should be read together
with our financial information for the twelve-month period ended December 31, 2020 filed with the CVM and submitted to the U.S.
Securities and Exchange Commission (&ldquo;SEC&rdquo;).</P>

<P STYLE="font: 4pt Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white; color: #595959">&nbsp;</P>

<P STYLE="color: #595959; font: bold 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">OPERATING
AND FINANCIAL HIGHLIGHTS</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Net revenue: </B>Net revenue <FONT STYLE="background-color: white">was
up 13.4</FONT>% in 4Q20, with volume growing by 7.6% and net revenue per hectoliter (NR/hl) up 5.3%. Net revenue grew in Brazil
(19.0%), Central America and the Caribbean (CAC) (0.2%), Latin America South (LAS)<SUP>1</SUP> (16.3%), but was down in Canada
(-4.7%). In Brazil, volume was up 10.6% and NR/hl was up 7.6%. In CAC, volume declined by 7.4% and NR/hl grew by 8.3%. In LAS,
volume was up 6.2% and NR/hl rose by 9.5%. In Canada, volume decreased by 1.9% while NR/hl decreased by 2.8%. In the full year,
on a consolidated basis, net revenue was up 4.7%, with volume growing by 1.4% and NR/hl growing by 3.2%.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Cost of goods sold (COGS):</B> In
4Q20, COGS and cash COGS (excluding depreciation and amortization) were up 21.1% and 22.5%, respectively. On a per hectoliter basis,
COGS grew by 12.5% while cash COGS was up 13.8%, mainly due to inflationary pressures in Argentina, transactional currency headwinds
and package mix impacts. In the full year, COGS and cash COGS increased by 16.7% and 18.2%, respectively. On a per hectoliter basis,
COGS rose by 15.0% and cash COGS by 16.5%.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Selling, general &amp; administrative
(SG&amp;A) expenses: </B>SG&amp;A and cash SG&amp;A (excluding depreciation and amortization) were up 15.1% and 17.6%, respectively,
due to phasing from previous quarters and supporting top line recovery in the markets where we operate. In the full year, SG&amp;A
grew by 6.7% while cash SG&amp;A grew by 7.1%.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><B>EBITDA,
gross margin and EBITDA margin: </B>In 4Q20, EBITDA reached R$ 8,937.2 million, which corresponds to an organic decrease of -0.1%,
with a gross margin of 55.8% (-280bps) and EBITDA margin of 48.2% (-500bps). Our nominal EBITDA result includes benefits from tax
credits in Brazil recognized in the fourth quarter (see below). In the full year, EBITDA was R$ 21,591.5 million (-11.1%) with
gross margin and EBITDA margin reaching 53.6% (-480bps) and 37.0% (-590bps), respectively.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><B>Normalized
profit and EPS: </B><FONT STYLE="background-color: white">Normalized profit was R$ 7,008.0 million in 4Q20, 51.2% higher than in
4Q19, due to </FONT>higher EBITDA and tax credits in Brazil. Normalized EPS was R$ 0.44 (52.9%). For the full year, normalized
profit decreased by 3.6%, reaching R$ 12,104.3 million, with normalized EPS of R$ 0.75 (-3.3%).</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><B>Impact
of tax credits:</B> Our Q4 results were positively impacted by R$4.3 billion tax credits related to litigation in Brazil with respect
to the unconstitutionality of the ICMS state tax in the taxable basis of the PIS and the COFINS federal taxes. For summary, please
refer to page 2.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Cash generation and CAPEX:</B> Cash
flow from operating activities was R$ 8,393.6 million (-12.9%) and CAPEX reached R$ 1,394.4 million (-30.4%). For the full year,
cash flow from operating activities grew to R$ 18,855.8 million (2.6%) and CAPEX decreased by 7.4% to R$ 4,692.7 million.</P>

<P STYLE="font: 1pt/115% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><SUP>1</SUP> The impacts resulting from applying
Hyperinflation Accounting for our Argentinean subsidiaries, in accordance to IAS 29, are detailed in the section Financial Reporting
in Hyperinflationary Economies - Argentina (page 25).</P>
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<P STYLE="color: #4B3A2E; font: 11pt Century Gothic; margin: 0 0 4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Financial highlights - Ambev consolidated</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">47,295.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">50,942.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">163,243.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">165,797.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15,474.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18,556.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">52,005.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">58,379.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9,095.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10,358.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">30,327.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">31,312.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>58.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>55.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-300 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-280 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>58.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>53.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-470 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-480 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>6,924.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>8,937.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>29.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-0.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21,147.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21,591.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-11.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>44.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>48.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>350 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-500 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>40.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>37.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-370 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-590 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,219.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>6,890.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>63.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>12,188.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>11,731.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,633.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>7,008.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>51.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>12,549.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>12,104.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;0.26 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;0.43 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>65.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;0.75 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;0.72 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;0.29 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;0.44 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>52.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;0.77 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;0.75 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Note:</B> Earnings per share calculation
is based on outstanding shares (total existing shares excluding shares held in treasury).</P>

<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #595959; font: bold 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; background-color: white; border-bottom: Black 0.5pt solid">TAX
CREDITS</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Our Q4 results were positively impacted
by R$4.3 billion tax credits related to a 2017 Brazilian Supreme Court decision that declared unconstitutional the inclusion of
the ICMS state tax in the taxable basis of the PIS and the COFINS federal taxes.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">As
disclosed </FONT><FONT STYLE="font-size: 10pt; color: windowtext">in our notes to the financial statements in December 2020, with
the support of counsel and external advisors, we concluded the estimation with sufficient reliability of the amounts to which we
are entitled. </FONT><FONT STYLE="font-size: 10pt">Regarding the amount of R$4.3 billion mentioned above, the company recorded
in 2020 a tax credit (before tax effects), of which R$ 2.5 billion in Other Operating Income, as described in our C</FONT><FONT STYLE="font-size: 10.5pt; color: black">onsolidated
Financial Statements</FONT> <FONT STYLE="font-size: 10pt">Note 7 - Other Operating Income / (Expenses), and R$1.8 billion in Financial
Income, as described in Note 11 - Financial Expenses and Income.</FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="color: windowtext">Given
the nature of the dispute, these tax credits are technically part of our normalized results from an accounting standpoint. However,
given their materiality, and to ensure greater transparency of the underlying performance of our business, we: </FONT><FONT STYLE="color: black">(i)
updated the accounting policy to record extemporaneous tax credits and debits under Other operating income/(expenses), no longer
following the original P&amp;L lines that were originally impacted; and (ii) removed credits or debits of this nature from the
calculation of our organic performance of Normalized EBITDA. </FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">It is important to note that such adjustments
do not change Ambev&rsquo;s consolidated results for the year (for details, see page 15).</P>

<P STYLE="color: #595959; font: bold 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; background-color: white; border-bottom: Black 0.5pt solid">MANAGEMENT
COMMENTS</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">In the fourth quarter, Ambev was able
to keep momentum with a sustained topline recovery that was driven by the company&rsquo;s commercial strategy as innovations, flexibility
and operational excellence continued to deliver strong results.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Most countries showed sustained volume
improvements since the second quarter as restrictions started to be gradually lifted in the markets where we operate, with certain
exceptions, with seven of our top ten markets delivering volume growth year over year.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">In the charts below, we separated our
countries as per the weight of the off-trade channel in each beer market and the household consumer expenditure<SUP>2</SUP> to
illustrate the status of channel dynamics in our main markets. We also ranked the countries based on beer volumes performance during
the fourth quarter and the full year:</P>

<P STYLE="color: #4B3A2E; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-indent: 0.5in">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>2</SUP> Household consumer expenditure for
each country is indexed at the USA household consumer expenditure, which was set at 100.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; text-align: center; background-color: white"><IMG SRC="ambevsapr4q206k_03.jpg" ALT=""></P>

<P STYLE="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Source:</B> Canback, Euromonitor,
Nielsen, Internal Sources</P>

<P STYLE="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">On a consolidated basis, our organic
volumes grew by 7.6% in the quarter and 1.4% in the full year, driven by the strong performance of Brazil Beer and a consistent
recovery in LAS. In the quarter:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil Beer, we once
again outperformed the industry according to our estimates. The volume performance in the quarter was driven by consistent implementation
of our commercial strategy: our ability to adapt to changes in the market, operational excellence, resilience of our core brands,
highly successful innovations and the growth of our premium portfolio.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil NAB, volumes
grew in the quarter as consumption occasions continued to return.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In LAS, positive volumes
were driven by the strong performances in Paraguay, Chile and Argentina, with growth in the latter helped by price controls. In
Bolivia, while the year proved challenging, we saw a sequential improvement driven by a gradual lifting of mobility restrictions
imposed by local governments.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In CAC, volumes continued
to be the most impacted by COVID-related restrictions especially in Panama, partially holding back the pace of the volume recovery
in the region. Dominican Republic returned to volume growth in the fourth quarter, led by the performance of beer, and Guatemala
sustained a strong volume performance due to market share gains.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Century Gothic; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Canada, we outperformed
the beer industry gaining market share. However, our negative volumes in the quarter are explained by the industry decline, driven
by the increase in restrictions enforced by local government in response to the increase in the number of COVID-19 cases in the
country and the cold weather impacting consumption occasions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The continuing impact of the COVID-19
pandemic on our future results remains uncertain as the scenario continues to be fluid. We are confident that we are making the
right business decisions and have the right strategy in place to navigate the challenges that lie ahead.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt"><IMG SRC="ambevsapr4q206k_04.jpg" ALT=""></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><U>Status of Operations</U></I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 17.85pt; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">Restrictions
continued to be gradually lifted in most of the countries where we operate. All our breweries and distribution centers were operational
at the end of the quarter. We produced and commercialized our products according to regulations imposed by each local government
where we operate.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil, through the
quarter the gradual relaxation of restrictions across the country continued with on trade gradually reopening from 3Q20.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In LAS, countries continued
to gradually reopen; however, Bolivia continued to be the most affected by the restrictions on mobility imposed by the local government.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In CAC, Dominican Republic
imposed a curfew between 7pm and 5am for most of the quarter. In Panama, some municipalities continued with a ban on all alcohol
sales and implemented a curfew between 7pm and 5am that lasted the full quarter. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">In Canada,
as the quarter progressed and the number of cases peaked, restrictions were tightened, impacting central Canada, with Ontario and
Quebec being more affected by </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">on-trade
shutdowns.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"><IMG SRC="ambevsapr4q206k_04.jpg" ALT=""></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><U>Ambev as an Ecosystem</U></I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 17.85pt; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The year was marked by great challenges
that were brought by COVID-19. However, the pandemic served as a hallmark, a resetting moment that allowed us to reframe our purpose
and renew our pact with our ecosystem, developing stronger and more sustainable relationships with our customers, reconnecting
with our consumers, and helping our communities. Through tangible actions, we have worked to contribute to our ecosystem to generate
a positive impact on society while seeing an improved perception of our company:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil, we produced
and donated 1 million hand sanitizers and 3 million face shields to public hospitals and built a center for COVID-19 treatment
with 100 beds in S&atilde;o Paulo in partnership with other companies. We donated 30 million reais for two vaccine plant projects
in the country and took part in <I>Movimento N&Oacute;S</I>, a coalition of eight consumer goods companies that will help approximately
300 thousand POCs to reopen with a total investment of R$370 million. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In LAS, Quilmes - our
subsidiary in Argentina &ndash; was recognized by both the public and opinion leaders as the company that has made the greatest
efforts to face solidarity actions in the areas where our production is located. In the country, we donated 150 thousand hand sanitizers,
700 hospital beds, protection equipment, food, water and hygiene kits to the most vulnerable neighborhoods. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In CAC, with <I>Colmados
Seguros</I> in the Dominican Republic and <I>Paisano Seguro</I> in Panama, we have helped POCs guarantee secure spaces for consumers
during reopening and partnered with the on-trade to reinvent socializing by creating new safe alternatives to bring people together.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Canada, we produced
and donated 60 thousand hand sanitizers and 225 thousand of water cans and redirected our Budweiser sports marketing investments
to support front line workers and to the Canadian Red Cross.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">As a recognition
to the role we have played since the outbreak of COVID-19, Ambev was proud to receive the Solidarity Award from the United Nations
that recognizes impactful work that individuals and organizations have been taking to support communities as we navigate the pandemic.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"><IMG SRC="ambevsapr4q206k_04.jpg" ALT=""></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><U>Innovation and
Business Transformation</U></I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Innovation and business transformation
are pillars of our business and front and center to our commercial strategy. The COVID-19 pandemic has played a relevant role in
accelerating consumer trends in which we have been investing behind, primarily reinforcing the need for an innovative, consumer-centric
mindset. We have a framework of five growth drivers involving innovation and integrated digital solutions that solve different
pain points of our customers and consumers:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>New flavors
&amp; enhanced value proposition </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil Beer, Brahma
Duplo Malte marked the year taking the leadership position and driving the growth of the core plus segment. This was a result of
actively listening to consumer demands. We have expanded our portfolio with three international core plus brands in selected locations
and expect to rollout nationally shortly. In December, we launched Esmera in the state of Goi&aacute;s, our fifth regional brand,
that is produced with cassava grown by local communities to continue capturing smart affordability opportunities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil NAB we continued
to expand our re-launched Fusion nationally. The launch of Sukita lemon, fortifying the portfolio to compete in the value segment,
has also helped to sustain continued volume growth.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In LAS, the quarter was
marked by the acceleration of affordable propositions. In Bolivia, we continued to develop Chicha Taqui&ntilde;a, produced with
local crops, and expanded the 235ml returnable bottles. In Paraguay, the 1-liter returnable glass bottles continued with strong
momentum sustaining volume performance. In Argentina, we focused on the expansion of the 269ml cans, a smaller offering in the
portfolio. Also, in Argentina, on the other side of the price spectrum, we launched Andes Origen Honey to expand the offerings
of our fastest growing brand in the core plus segment and Patagonia Solcitra, with Citra hop reaching higher volume in Patagonia&rsquo;s
limited editions history.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In CAC, Presidente Golden
Light continued to be our bet for volume recovery in the in the Dominican Republic.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>Convenience
for consumers</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">In order to increase convenience to
our consumers, we are exploring solutions to deliver on demand cold beverages at reasonable prices direct to consumers. Our solutions
solve several pain points identified in the consumers&rsquo; buying journey: (i) late hours availability, (ii) fast service that
is time saving for consumers, (iii) reasonable prices, and (iv) cold products ready to be consumed.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil, our direct-to-consumer
platform Z&eacute; Delivery continued to grow exponentially in the quarter, being now present in more than 200 cities across all
27 Brazilian states and reaching almost 50% of the country&rsquo;s entire population. Z&eacute; delivered more than 27 million
orders in 2020. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In LAS, in Argentina,
Appbar continues to grow exponentially, growing almost 10x versus 2019.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In CAC, in Dominican Republic,
Colmapp continued to expand after the merger with the Tucerveza.do website and the Colmapp delivery into a single platform.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>Innovation
in service to our customers</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">Our B2B marketplace
platform, BEES, centralizes different solutions in one 24/7 platform, creating a constant and customized touchpoint with our customers,
improving overall service level through: (i) providing portfolio suggestions based on customers&rsquo; profile and product relevance,
(ii) enhancing order tracking and real time support through the app, (iii) allowing our business development representatives to
be focused on helping customers improve their sales performance (<I>sell out</I>), and (iv) increasing our total interaction time
with our customers, directly connecting to our innovation strategy and increased portfolio complexity.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil, we continued
to roll-out BEES and currently have already almost half of our active buyers purchasing through the platform. Continuing the expansion
of our full digital strategy, we expect to have all our distribution centers integrated in the platform by the end of 2021. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In CAC, Dominican Republic
continues to lead the expansion of the BEES platform, actively sharing know-how and best practices with other operations. The country
has already reached the status of a full digital operation, with 90% of B2B buyers already purchasing through the platform and
85% of the country&rsquo;s net revenues already coming from BEES. We are also exploring BEES marketplace in the country with eight
different categories and 70 SKUs available for customers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>Health and wellness</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil Beer, we launched
Michelob Ultra to complement our premium portfolio and start exploring an untapped consumer proposition in the Brazilian market.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil NAB, we continued
to rollout For Me wellness shots and Natu, our version of Guaran&aacute; made with 100% natural ingredients. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In CAC Michelob Ultra
continued to gain market share, and in Canada, it was the fastest growing beer brand for the second consecutive year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>Future
Beverages</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil, Beats launched,
in partnership with Anitta, a line of four new flavors inspired in the elements of Zodiac with a total of twelve collectible SKUs.
The launch was made in November and helped the Beats brand deliver growth in the high fifties in 2020. We have also launched Isla
269ml, a ready-to-drink gin mixed beverage available in two different flavors. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In LAS, in Argentina,
Dante Robino has grown consistently ahead of our business plan with full year sales doubling versus last year as it continued to
explore new opportunities within the wine segment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Canada, our new partner,
Goodridge &amp; Williams (G&amp;W), which produces our bestselling ready-to-drink offering Nutrl, continued to growth rapidly and
expand the category in the country.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"><IMG SRC="ambevsapr4q206k_04.jpg" ALT=""></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><U>Commercial Highlights</U></I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>Premium</I></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">Our premium
brands have grown above the industry in most of our markets in the fourth quarter:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil, our global
brands volume grew by double-digits led by Stella Artois and Corona. The introduction of Original self-service packaging in the
off-trade was fundamental for the brand&rsquo;s performance. Other domestic brands, such as Serramalte and Chopp Brahma (draft
beer), which are predominantly sold in the on-trade channel, continued to be affected by restrictions still in place, though continued
their gradual recovery. In the full year, our premium portfolio grew ahead of the total beer industry. We continue to build our
brands, with our portfolio&rsquo;s brand health improving versus 2019.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In LAS, in Argentina,
Corona grew once again double-digits contributing to the premium portfolio growth and mix thanks to a strong execution. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In CAC, the premium segment
grew double-digits, with a positive contribution to the whole portfolio mix. Corona grew by double-digits in Guatemala and in Dominican
Republic while in Puerto Rico, Michelob Ultra was the highlight, growing double-digits and gaining market share. In the full year,
the premium segment grew mid single-digits.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Canada, our strategy
of premiumization delivered another quarter of solid growth, mainly driven by Corona growing double-digits and sustaining the highest
brand power in the country.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>Core Plus
&amp; Core</I></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">The core plus
segment continues to emerge as a relevant growth opportunity:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil, Brahma Duplo
Malte continues to lead the growth of the core plus segment. Bohemia grew double digits in the quarter, keeping its strong momentum.
The Core segment was marked by the resilience of our brands, with Skol family growing both in the quarter and in the full year.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In LAS, in Argentina,
Budweiser showed a strong recovery growing double-digits supported by a campaign with Lionel Messi. Andes Origen has outperformed
the industry for another quarter, growing double-digits. Quilmes launched Quilmes 130, special edition bottles to celebrate its
130 years with promotional prices to thank consumers for trusting the brand throughout its history. In Chile, Cusque&ntilde;a and
Budweiser continue to deliver strong results, growing high double-digits and contributing to the above core mix. In Paraguay, we
have launched Skol to develop the core plus segment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Canada, our Core Plus
portfolio outperformed the industry once again with Michelob Ultra growing high-double digits. We continued to gain market share
with our core brands Budweiser, Bud Light, and Busch all growing within the core segment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">SUSTAINABILITY</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">Since the
creation of Ambev, sustainability has been embedded in our business practices. For the past decades we have established ambitious
sustainability targets, which were 100% achieved each time.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">Through 2020,
we maintained our important commitment to our 2025 sustainability targets, that were divided in the following pillars: water, climate
and energy, returnable packaging, sustainable agriculture, and entrepreneurship, while also maintaining our steadfast dedication
to promote the smart consumption of our products.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">In the table below, the status of achievement of the main KPIs
each of our sustainability goals is displayed as of December 2020:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 53%; border-top: white 1pt solid; border-bottom: Black 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>BRAZIL</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>LAS</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>CAC</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-top: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>CANADA</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: white 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>AMBEV</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Goal<BR>
2025</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: white 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Status<BR>
2020</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>WATER</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt; color: #595959"><BR>
Steward.</FONT></B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Watersheds &amp; Forests</B><BR>
(High risk sites in implementation phase as per 7-Step charter</FONT><FONT STYLE="font-family: Century Gothic,sans-serif; font-size: 7pt; color: #595959"><SUP>3</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">71.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>33.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>On track</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="color: #595959; font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CLIMATE</B></P>
        <P STYLE="color: #595959; font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ACTION</B></P></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Renewable energy</B><BR>
(% of total electric energy contracted)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">65.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">66.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">42.3%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>38.8%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Better</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>GHG emission &ndash; Intensity (kg CO2e/Hl)</B><BR>
(% reduction of CO2 emissions versus baseline (2017); Scope 1, 2 and 3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-4.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-25.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-48.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">25.3%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-9.6%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-25.0%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Below</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>GHG emission &ndash; Intensity (kg CO2e/Hl)</B><BR>
(% reduction of CO2 emissions versus baseline (2017); Scope 1 and 2 &ndash; Owned Operations)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-34.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-37.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-52.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">132.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-23.1%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>CIRCULAR<BR>
PACKAGING</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Glass</B><BR>
(% of glass used that was recycled)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">47.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">50.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">43.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">49.0%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>47.0%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&#8805; 50.1%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Better</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Aluminum</B><BR>
(% of aluminum used that was recycled)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">75.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">75.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">47.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">71.0%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>73.8%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&#8805; 50.1%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Better</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Plastic (PET)</B><BR>
(% of plastic used that was recycled)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">45.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>32.7%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&#8805; 50.1%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Better</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>SUSTAINABLE AGRICULTURE</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Skilled producers</B></FONT><FONT STYLE="font-family: Century Gothic,sans-serif; font-size: 7pt; color: #595959"><SUP>4</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">55.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">49.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>54.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Better</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Connected producers</B></FONT><FONT STYLE="font-family: Century Gothic,sans-serif; font-size: 7pt; color: #595959"><SUP>5</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">67.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">54.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>65.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Better</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Financially empowered producers</B></FONT><FONT STYLE="font-family: Century Gothic,sans-serif; font-size: 7pt; color: #595959"><SUP>6</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">87.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>88.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Better</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>Water stewardship</I></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In Brazil, Project Watershed
&amp; Forests completed 10 years since its launch with more than 1.8 million trees planted and 10,000 hectares of recovered vegetation.
The project counts with the partnership WWF and The Nature Conservancy Brazil (TNC).This project not only results in water conservation,
but also recovers the river watersheds and impacts positively local communities by actively involving them in the recovery plan
and by teaching them how to keep the watershed health.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In terms of water usage,
we have reduced 54% of water consumption over the last 20 years in Brazil, reaching to 2.43 liters of water for each liter of beer
produced.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>3</SUP> 7-Step Charter consists of: (1) engagement; (2) problem
identification/ prioritization; (3) solutions agreed; (4) plan implementation; (5) governance; (6) communication; (7) monitoring.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>4</SUP> Producer must have (i) access to varieties of crops
approved by Ambev for production, (ii) technical protocol for production, (iii) at least two technical visits during the culture
cycle.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>5</SUP> Producer must be registered in SmartBarley platform
or another similar platform (e.g. ManejeBem, etc.).</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>6</SUP> Producer has access to the tools to reduce production
risks (e.g. Agricultural insurance, specific financing, etc.).</P>

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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>Circular
Packaging</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">Our 2025 circular
packaging goal is to achieve100% of our products in packaging that is returnable or made with a majority of recycled content.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This year in Brazil we
have evolved from 45.9% to 47.7% in terms of recycled content in the glass bottles, from 37% to 45% in PET (Polyethylene terephthalate)
and kept the high level of 75% in cans. We are confident that we will reach our recycled content target way before 2025.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For Guaran&aacute; specifically,
in June 2011, we have announced our first PET Bottle made of 100% recycled content, and, to celebrate the Guaran&aacute;&rsquo;s
centenary, in 2021, we will produce all of Guaran&aacute; PET Bottles made of 100% recycled content.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acknowledging that one
of our major environmental challenges is plastic waste, in January 2020, we launched our commitment to end the plastic pollution
resulting from our packages by 2025. By the end of 2020, we had already reduced 35% of the plastic used in our packaging through
lightweight, replacement by other materials, among others.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In July 2019, we have
launched in Dominican Republic &ldquo;Recicla 100+&rdquo;, a recycling program for PET bottles which committed to collect the equivalent
to 100% of our plastic volume, by providing compactors machines, tools and trainings to help and facilitate collectors daily work.
Since &ldquo;Recicla 100+&rdquo; was launched&nbsp;we have recycled 1,786 tons of PET and in 2020, it was recycled 949 tons of
PET.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>Climate
Action</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Breweries: Since 2003,
when we started our actions toward reducing our carbon footprint impact, we have already reduced by more than 60% our carbon emissions
in our breweries in Brazil. This result is due to the implementation of the following improvements: (i) use of biomass and vegetable
oil to generate heat; (ii) use of biogas microturbines for on-site electricity generation; (iii) use of BTS biogas recovery for
heat and electricity generation; and (iv) use of CO2 extraction plants to recover CO2 from fuel gas boilers. In Brazil, we have
already contracted the construction of solar and wind farms to add capacity on the grid to feed our breweries. As of 2023, we will
have more than 90% of our facilities supplied by renewable energy. In Chile and Argentina, 100% of our breweries already operate
with renewable energy (wind and solar). By the end of 2021, all breweries located in Dominican Republic and Panam&aacute; will
operate with solar energy. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution Centers:
Through recently closed partnerships, we expect to have 100% of our distribution centers (84) supplied by solar energy by June
2021 in Brazil. And, in Dominican Republic and Panam&aacute;, the main distribution centers will have their own solar panels to
operate 100% with renewable energy. This will close the loop when we conclude the migration of our fleet into electric vehicles,
as the vehicles will be charged by renewable energy.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Customers: In collaboration
with the startups Lemon Energia and Stella GD, Ambev is providing POCs with access to solar energy credits that help reduce their
energy bills, normally the largest expense of these small business, while also reducing their carbon footprint. By the end of 2020,
more than 500 POCs were already using the solutions provided and our plans are to keep expanding the reach of the initiative throughout
Brazil. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Electric vehicles: We
announced the acquisition of additional 1,000 electric vehicles from FNM, one of our accelerated startups, to be delivered by 2023,
which will avoid the emission of over 128,000 tons of carbon annually.
By 2023, with the 1,600 electric trucks acquired from Volkswagen, Ambev will have half of its fleet composed by electric vehicles
in Brazil. In Panam&aacute;, we closed a partnership with Truckslogic to produce the first Electric Van in the country. In Dominican
Republic, we have also purchased an Electric Van that will operate in Santo Domingo.</FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.5in; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">In January 2021, we were selected to be
part of the 2021 Carbon Efficient Index (ICO2 B3) portfolio. The portfolio announced on January 4, 2021 is composed of 62 shares,
from 58 companies, and will be valid between January 4 and April 30, 2021, being rebalanced every four months, following the IBrX
100 updates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><I>Entrepreneurship</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">Our Entrepreneurship
ecosystem platform consists of four main pillars: (i) relationship &amp; partnership (ii) inclusion &amp; expansion, (iii) innovation,
and (iv) development, all of which are supported by governance (responsible sourcing) and technology.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Relationship &amp; Partnership:
In 2020, in partnership with Pacto Global, Ambev has promoted &ldquo;Connecting for a Better World&rdquo; an event with 23 suppliers
that enrolled more than 40 initiatives related to sustainability with the purpose of sharing best practices to create value to
our supply chain while connecting the ecosystem. In partnership with SEBRAE and Falconi Foundation, Ambev has promoted the webinar
Connecting Partners, broadcasted on YouTube, where executives discussed topics related to business management during crisis to
support Ambev&rsquo;s ecosystem navigate through the pandemic. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inclusion &amp; Expansion:
Since the creation of our platform, we have a &ldquo;Buy Local&rdquo; initiative that has already added 1,900 local suppliers to
our base, helping to develop the respective local economies. In September, we announced our commitment to increase the number of
our suppliers that led colored people to 200. For that, we have established partnerships to help us connect with suppliers complying
with such criteria. with the goal of not only have them as commercial partners but help them grow by integrating them in our ecosystem.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Innovation: We have selected
18 new startups to be accelerated in our Accelerator 100+ Class 2020, including startups from Argentina and Uruguay. In Chile,
we have launched a class of Accelerator 100+ in partnership with SociaLab. After 2 years of the Accelerator 100+ first class, we
are doing business with and escalating 23 out of the 39 accelerated startups.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Development: Since the
creation of our platform, more than 1,850 suppliers have already accessed our management trainings in our platform VOA Entrepreneurs,
being 800 new users in 2020. Moreover, 700 companies have already accessed our SAVEh and SAVEe platforms and applied our knowledge
shared therein to save water and energy in their own supply chains.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">2021
OUTLOOK</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">Our
strategy for 2021 will continue to be built around innovation, technology and collaboration with our ecosystem. Given that the
challenges brought by the COVID-19 pandemic remain a reality, we believe operational excellence and financial discipline will once
again make a difference as we work towards a consistent recovery of our top line and bottom line performance. As was the case in
2020, we continue to expect the former to recover faster than the latter.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">In
2021 we will face more significant transactional FX as well as commodity headwinds, both of which will put pressure on our EBITDA
margin. Our average hedge rate for the BRL versus the USD for 2021 is 5.29 (+31.9%). As a result, we expect our Cash COGS per hectoliter
to increase in the low-twenties in Brazil Beer.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">On
the other hand, the year is off to a good start in terms of top line momentum, led by above 10% beer volume growth so far this
year in Brazil even without the usual Carnival festivities. Volume growth coupled with improved NR/Hl performance, thanks to the
implementation of our commercial strategy and better mix, will be two of the key drivers for us to partially offset the cost headwinds.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">With
respect to our business in LAS, our focus will be on growing the category through premiumization and smart affordability initiatives,
together with further developing our technology platforms to better serve our customers and consumers. In CAC, we continue to see
an opportunity to drive per capita consumption through innovation, as well as drive growth of our core plus and premium brands.
Finally, in Canada, we aim to maintain commercial momentum behind our core plus and premium brands, while also continue tapping
into different consumer occasions with our beyond beer portfolio based on our category expansion framework.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">The
outlook for 2021 reflects our current assessment of the scale and magnitude of the COVID-19 pandemic, which is subject to change
as we continue to monitor ongoing developments.</P>

<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">AMBEV
CONSOLIDATED INCOME STATEMENT</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Consolidated income statement</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>IAS 29<BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15,474.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;36.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;999.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(3.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,049.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18,556.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Cost of goods sold (COGS)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(6,379.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(21.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(441.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(15.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,340.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(8,197.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">28.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>9,095.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;15.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;557.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(19.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;709.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>10,358.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>13.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>7.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Selling, general and administrative (SG&amp;A)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(4,134.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(30.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(278.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(618.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5,060.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;700.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,121.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(161.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,275.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-50.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized operating income <BR>
&nbsp;(normalized EBIT)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>5,660.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,106.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;276.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(18.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(70.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>7,573.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>33.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-1.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Exceptional items above EBIT</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(330.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;193.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(140.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-57.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-58.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,564.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,040.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-166.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(11.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(9.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-15.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;463.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,573.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,219.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>6,890.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>63.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,099.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>6,786.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>65.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;119.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;104.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-12.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,633.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>7,008.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>51.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,512.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>6,901.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>52.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>6,924.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,106.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;312.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(20.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(3.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>8,937.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>29.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-0.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="color: #595959; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="color: #595959; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Consolidated income statement</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>IAS 29<BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">52,005.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;180.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,765.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,428.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">58,379.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Cost of goods sold (COGS)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(21,678.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(93.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,675.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,618.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(27,066.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>30,327.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;86.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,089.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,190.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>31,312.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>3.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Selling, general and administrative (SG&amp;A)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(15,327.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(75.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,133.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,032.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(17,568.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">14.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,472.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,121.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(16.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(303.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,679.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">81.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-34.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized operating income <BR>
&nbsp;(normalized EBIT)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>16,472.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,133.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;940.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(2,526.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>16,424.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-0.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-15.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Exceptional items above EBIT</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(397.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(28.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(26.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(452.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,109.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,434.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-21.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(22.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(43.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">194.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(754.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,762.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">133.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>12,188.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>11,731.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>11,780.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>11,379.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;408.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;352.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-13.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>12,549.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>12,104.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>12,139.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>11,745.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21,147.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,133.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,188.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(2,283.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21,591.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-11.1%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">AMBEV
CONSOLIDATED RESULTS<FONT STYLE="letter-spacing: 1.05pt"><B><SUP>7</SUP></B></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The combination of Ambev&rsquo;s
operations in Brazil, Central America and the Caribbean (CAC), Latin America South (LAS) and Canada&rsquo;s business units, eliminating
intercompany transactions, comprises our consolidated financial statements. The figures shown below are on an as-reported basis.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><IMG SRC="ambevsapr4q206k_005b.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>7</SUP> Including tax credits</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="width: 9%">&nbsp;<IMG SRC="ambevsapr4q206k_01.jpg" ALT=""></TD><TD STYLE="text-align: right; width: 91%">&nbsp;Page |<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">AMBEV
CONSOLIDATED<FONT STYLE="letter-spacing: 1.05pt"><B><SUP>8</SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 26%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>Ambev</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2019</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19 Scoped</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2020</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 5%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">47,295.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">47,295.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;31.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,614.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">50,942.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15,474.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15,474.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;36.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;999.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,049.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18,556.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;327.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;327.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;0.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;19.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;17.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;364.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(6,379.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(6,379.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(21.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(441.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(15.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1,340.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(8,197.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">28.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(134.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(134.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(8.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(16.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(160.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5,675.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5,675.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(21.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(425.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(17.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1,268.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(7,406.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">30.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(120.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(120.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(8.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(16.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(145.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>9,095.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>9,095.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;15.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;557.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(19.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;709.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>10,358.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>13.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>7.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>58.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>58.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>55.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-300 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-280 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(3,575.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(3,575.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(30.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(258.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;0.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(624.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4,487.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">25.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">17.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(559.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(559.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(20.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;0.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;6.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(572.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4,134.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4,134.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(30.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(278.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(618.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5,060.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;700.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;382.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;318.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,121.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(161.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,275.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-50.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>5,660.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;382.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>5,278.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,106.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;276.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(18.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(70.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>7,573.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>33.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-1.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>36.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>34.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>40.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>420 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-440 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>6,924.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;382.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>6,542.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,106.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;312.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(20.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(3.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>8,937.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>29.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-0.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>44.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>42.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>48.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>350 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-500 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>Ambev</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2019</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19 Scoped</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2020</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">163,243.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">163,243.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;196.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,358.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">165,797.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">52,005.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">52,005.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;180.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,765.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,428.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">58,379.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;318.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;318.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;0.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;22.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;10.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;352.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(21,678.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(21,678.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(93.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1,675.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(3,618.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(27,066.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(132.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(132.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(10.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(19.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(163.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(19,005.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(19,005.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(93.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1,526.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(3,463.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(24,089.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(116.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(116.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(9.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(19.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(145.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>30,327.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>30,327.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;86.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,089.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(1,190.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>31,312.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>3.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>58.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>58.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>53.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-470 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-480 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(13,324.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(13,324.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(74.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1,033.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(944.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(15,377.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2,002.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2,002.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(99.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(87.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2,190.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(15,327.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(15,327.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(75.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1,133.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1,032.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(17,568.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">14.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,472.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;594.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;878.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,121.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(16.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(303.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,679.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">81.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-34.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>16,472.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;594.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>15,877.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,133.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;940.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(2,526.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>16,424.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-0.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-15.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>31.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>30.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>28.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-360 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-600 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21,147.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;594.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>20,552.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,133.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,188.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(2,283.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21,591.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-11.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>40.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>39.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>37.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-370 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-590 bps</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><SUP>8</SUP> The amount recognized
in Ambev results in the 2019 period was R$ 212.5 million in the 3Q19, and R$ 382.1 million in the 4Q19. For the period of 2020,
the amount recognized in Brazil consolidated results was R$ 2,121.2 million in the 4Q20 and in the YTD20. For details, refer to
page 15.</P>
<!-- Field: Page; Sequence: 15 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="width: 9%">&nbsp;<IMG SRC="ambevsapr4q206k_01.jpg" ALT=""></TD><TD STYLE="text-align: right; width: 91%">&nbsp;Page |<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; background-color: white; border-bottom: Black 0.5pt solid">BRAZIL<FONT STYLE="letter-spacing: 1.05pt"><B><SUP>9</SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2019</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19 Scoped</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2020</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;31,391.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">
    &nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;31,391.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3,329.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;34,721.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;8,511.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;8,511.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,620.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;10,132.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">271.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">271.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">291.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,605.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,605.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(753.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(4,358.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(114.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(114.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(10.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(125.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,213.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,213.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(743.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,956.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(102.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(102.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(11.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(114.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,905.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,905.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>867.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;5,773.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>17.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>17.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-60 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-60 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,942.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,942.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(451.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,393.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(362.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(362.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(364.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,304.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,304.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(453.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,757.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">642.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">382.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">260.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,121.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(26.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,355.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,244.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>382.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,862.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,121.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>386.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;5,370.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>65.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>13.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>38.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>33.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>53.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>1490 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-150 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,998.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>382.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,616.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,121.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>399.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;6,137.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>53.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>11.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>47.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>42.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>60.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>1360 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-290 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2019</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19 Scoped</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2020</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;106,806.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;106,806.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;4,478.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;111,285.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;28,129.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;28,129.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,066.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;30,196.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">263.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">263.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">271.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(12,096.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(12,096.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,016.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(14,112.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(113.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(113.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(13.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(126.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(10,592.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(10,592.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,996.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(12,588.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(99.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(99.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(14.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(113.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">14.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">14.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;16,033.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;16,033.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>50.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;16,083.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>0.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>0.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>53.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-370 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-370 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(7,220.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(7,220.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(704.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(7,925.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,364.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,364.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(25.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,390.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(8,585.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(8,585.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(729.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(9,315.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,421.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">594.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">826.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,121.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(60.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,887.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">103.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-7.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;8,868.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>594.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;8,274.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,121.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(740.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;9,655.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>8.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-8.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>31.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>29.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>32.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>50 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-440 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,737.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>594.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,143.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,121.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(694.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;12,569.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>7.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-6.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>41.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>39.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>41.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-10 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-500 bps</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In March 2017, the Supreme Federal
Court (&ldquo;STF&rdquo;) decided for, in the judgment of RE 574,706 / PR, with binding effects, the unconstitutionality of the
inclusion of ICMS in the PIS and COFINS calculation basis. Currently, a Motion of Clarification filed by the General Attorney's
Office (PGFN) in order to clarify the lack of clarification on the criteria for calculating the portion of the ICMS that shall
be excluded from the calculation basis of the PIS and COFINS contributions (ICMS Paid versus ICMS declared on the invoice) and
the modulation of the effects of the STF decision is pending decision.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In addition, the company and its
controlled companies have several lawsuits related to the matter, some with final and unappealable favorable decisions. Due to
the tax regime applicable to the soft drinks and beer sector that has changed over time, the Company has lawsuits for three different
periods: (i) 1990 to 2009, (ii) 2009 to 2015 (period in which the &ldquo;REFRI Taxation Model&rdquo; was in effect - special soft
drinks and beer regime, provided for article 58-J of Law No. 10,833, of 2003) and (iii) from 2015 onwards (also known as &ldquo;New
Model Taxation&quot;).</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In 2018, 2019 and 2020, the company
and its controlled companies recognized, in accordance with IAS 37 / CPC 25, recoverable tax credits related to this matter in
the total amount of R$5.4 billion, which R$1.1 billion is related to periods from 1990 to 2009 and from March 2017 (&ldquo;New
Model&rdquo;) until each respective decision and R$4.3 billion related to the 2009 to 2015 (as explained below) as (i) the gain
is virtually certain according to the specific circumstances of each specific case; and (ii) the amounts could be estimated with
sufficient reliability, by collecting the respective documents and quantifying the related amount.</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><SUP>9</SUP> Net impact recognized
in Brazil results in the 2019 period was R$ 212.5 million in the 3Q19, and R$ 382.1 million in the 4Q19. For the period of 2020,
the amount recognized in Brazil consolidated results was R$ 2,121.2 million in the 4Q20 and in the YTD20. For more details, refer
to page 15.</P>

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<P STYLE="color: #4B3A2E; font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: black">Regarding
the amount of R$4.3 billion mentioned above, the company recorded in 2020 a tax credit (before tax effects), of which R$ 2.5 billion
in Other Operating Income, as described in our </FONT><FONT STYLE="font-size: 10pt">C</FONT><FONT STYLE="font-size: 10.5pt; color: black">onsolidated
Financial Statements</FONT> <FONT STYLE="font-size: 10pt; color: black">Note 7 - Other Operating Income (Expenses), and R$1.8 billion
in Financial Income, as described in Note 11 - Financial Expenses and Income. This amount is related to the lawsuit with final
and unappealable decision that recognized the right of the Company and its controlled companies to obtain refund the overpaid amounts
while REFRI taxation model was in place. In addition to the gain being virtually certain due to the circumstances of this specific
case, the amount related to this matter could be estimated with sufficient reliability after several analysis made (with the assistance
of our external consultants) that allowed: (i) the identification of the total ICMS included per liter in the retail selling prices
that were verified by the Federal Government at the time and that had impact in the reference prices used as calculation basis
for determination of the PIS and COFINS; and (ii) the result of exclusion of such total ICMS from the calculation basis of PIS
and COFINS in the Company&rsquo;s operations in the period.</FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In addition, as to the transactions
realized after the decision of the STF, the company and its controlled companies have judicial decisions in place (in lawsuits
filed prior to the decision of the STF) that recognize the right to exclude the ICMS declared on the invoice from the calculation
basis of the PIS and COFINS, which corresponded to a total of R$ 2.7 billion already excluding the amount mentioned above. This
amount represents a reduction in the PIS and COFINS expense recognized in a monthly basis, once it is not an extemporaneous credit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">For the period of the New Model before
the STF decision , the company estimates that the contingent asset corresponds to R$1.9 billion, which will be recognized as the
realization of the gain is virtually certain given the specific circumstances of the cases and upon confirmation of the estimated
values with reasonable reliability.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>


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<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; background-color: white; border-bottom: Black 0.5pt solid">BEER
BRAZIL<FONT STYLE="letter-spacing: 1.05pt"><B><SUP>10</SUP></B></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The volume performance in the quarter
was driven by consistent results from the implementation of our commercial strategy: our ability to adapt to changes in the market,
operational excellence, resilience of our core brands, highly successful innovations and the growth of our premium portfolio. According
to our estimates, we once again outperformed the industry.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The increase in cash COGS/hl is mostly
explained by transactional FX and unfavorable packaging mix, as the weight of aluminum cans in the portfolio grew year over year.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The cash SG&amp;A increased due to
the phasing of marketing expenses to support our growth following the volume performance in the quarter, increased distribution
costs from the increased transfer of products and last mile expenses related to our direct to consumer platform expansion.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>Beer Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2019</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19 Scoped</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2020</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;23,597.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;23,597.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,813.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;26,411.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;7,214.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;7,214.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,504.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;8,719.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">305.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">305.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">330.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,047.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,047.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(623.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,671.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(129.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(129.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(9.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(139.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,708.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,708.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(611.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,319.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(114.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(114.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(10.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(125.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,167.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,167.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>881.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;5,048.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>10 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>10 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,630.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,630.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(402.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,033.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(310.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(310.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(314.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,941.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,941.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(406.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,347.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">519.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">346.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">173.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,824.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(25.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,972.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-14.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,745.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>346.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,399.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,824.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>449.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,673.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>70.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>18.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>38.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>33.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>53.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>1550 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-60 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,395.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>346.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,049.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,824.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>465.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;5,338.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>57.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>15.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>47.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>42.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>61.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>1410 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-200 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>Beer Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2019</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19 Scoped</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2020</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;80,263.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;80,263.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;4,527.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;84,791.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;23,765.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;23,765.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,187.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;25,953.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">296.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">296.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">306.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(10,037.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(10,037.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,903.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(11,941.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(125.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(125.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(15.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(140.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(8,736.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(8,736.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,875.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(10,611.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(108.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(108.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(16.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(125.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;13,727.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;13,727.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>283.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;14,011.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>54.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-380 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-380 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(6,038.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(6,038.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(671.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(6,709.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,214.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,214.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(9.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,223.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(7,252.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(7,252.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(680.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(7,933.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,110.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">538.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">571.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,824.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(15.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,380.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">114.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;7,585.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>538.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;7,046.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,824.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(412.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;8,458.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>11.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-5.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>31.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>29.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>32.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>70 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-410 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;10,100.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>538.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;9,562.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,824.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(374.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,011.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>9.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>42.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>40.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>42.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-10 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-480 bps</I></FONT></TD></TR>
</TABLE>

<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><SUP>10</SUP> Net impact recognized
in Brazil Beer results in the 2019 period was R$ 192.5 million in the 3Q19, and R$ 346.2 million in the 4Q19. For the period of
2020, the amount recognized in Brazil consolidated results was R$ 1,824.3 million in the 4Q20 and in the YTD20. For more details,
refer to page 15.</P>


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<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; background-color: white">NAB
BRAZIL<FONT STYLE="letter-spacing: 1.05pt"><B><SUP>11</SUP></B></FONT></P>


<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Volumes continued to accelerate growth
in the quarter positively impacted by the recovery of consumption occasions as restrictions continued to be gradually lifted.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Despite the unfavorable brand and
pack mix as the restrictions imposed on the on-trade channel continued to drive a shift to the off-trade channel as well as an
increased weight of multi-serve packaging versus single serve, our NR/hl grew driven by our revenue management initiatives, such
as asmarter promotional activity.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; background-color: white">Cash COGS/hl
performance was mostly driven by the unfavorable comparable in the previous year from phasing of tax credits.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The cash SG&amp;A increased due to
the phasing of marketing expenses due to the volume performance in the quarter.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>NAB Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2019</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19 Scoped</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2020</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;7,794.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;7,794.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">515.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;8,309.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,296.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,296.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">116.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,412.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">166.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">166.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">170.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(557.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(557.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(130.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(687.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(71.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(71.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(11.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(82.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(505.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(505.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(131.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(637.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(64.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(64.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(11.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(76.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.3%</FONT></TD>

    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>738.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>738.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(13.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>725.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-1.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-1.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>57.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>51.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-570 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-570 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(311.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(311.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(49.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(360.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(51.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(51.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(49.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(362.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(362.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(47.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(410.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">123.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">87.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">297.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">382.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>499.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>35.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>463.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>297.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(62.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>697.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>39.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-13.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>38.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>35.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>49.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>1090 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-740 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>603.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>35.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>567.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>297.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(66.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>798.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>32.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-11.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>46.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>43.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>56.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>1000 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-820 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>NAB Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2019</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19 Scoped</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope 2020</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;26,542.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;26,542.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(49.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;26,493.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;4,364.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;4,364.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(121.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;4,243.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">164.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">164.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">160.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,058.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,058.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(112.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,171.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(77.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(77.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(82.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,855.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,855.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(121.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,977.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(69.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(69.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(74.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,306.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,306.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(233.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,072.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-10.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-10.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>52.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>52.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>48.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-400 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-400 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,182.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,182.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(32.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,215.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(150.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(150.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(16.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(167.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,333.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,333.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(49.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,382.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">310.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">55.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">254.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">297.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(45.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">506.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">63.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-17.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,283.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>55.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,227.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>297.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(327.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,196.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-6.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-26.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>29.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>28.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>28.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-120 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-690 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,637.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>55.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,581.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>297.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(320.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,557.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-4.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-20.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 6pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>37.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><I></I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>36.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>36.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-80 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-650 bps</I></FONT></TD></TR>
</TABLE>
<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 12pt 0 4pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 14pt; color: #886D4B; line-height: 115%"><BR STYLE="clear: both">
</FONT></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">


<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><SUP>11</SUP> Net impact recognized
in Brazil NAB results in the 2019 period was R$ 19.9 million in the 3Q19, and R$ 35.9 million in the 4Q19. For the period of 2020,
the amount recognized in Brazil consolidated results was R$ 297.0 million in the 4Q20 and in the YTD20. For more details, refer
to page 15.</P>
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<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">CENTRAL
AMERICA AND THE CARIBBEAN (CAC)</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; background-color: white">The volume
performance continued to be impacted by the restrictions adopted to mitigate the COVID-19 pandemic in the region.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; background-color: white">Our NR/hl
increased due to the above core mix contribution and the successful implementation of our revenue management initiatives.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; background-color: white">Despite
the volume decline, CAC managed to maintain a healthy 44.7% EBITDA margin in the quarter driven by the positive brand mix and the
disciplined execution of our SG&amp;A savings initiatives.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>CAC</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,789.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(281.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,508.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-7.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-7.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,953.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;484.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;4.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,442.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">25.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;515.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;138.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;42.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;696.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(843.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(213.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(10.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,067.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(222.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(60.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(20.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(304.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">36.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(752.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(189.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(9.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(951.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(198.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(54.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(18.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(271.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">36.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,109.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;271.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(5.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,374.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>23.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-0.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>56.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>56.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-50 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-40 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(349.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(85.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;40.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(395.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-11.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(65.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(15.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;8.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(72.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-13.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(415.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(101.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;48.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(467.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-11.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;32.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(36.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-113.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-110.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;727.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;169.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;6.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;902.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>24.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>37.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>37.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-20 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>30 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;884.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;208.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(1.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,091.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>23.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-0.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>45.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>44.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-60 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-20 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>CAC</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13,859.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,408.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11,451.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-17.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-17.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6,757.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,245.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(684.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7,319.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;487.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;108.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;42.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;639.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">31.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,934.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(571.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;198.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,307.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-6.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(211.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(49.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(27.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(288.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">36.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,592.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(498.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;209.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,881.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-8.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(187.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(43.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(21.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(251.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">34.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>3,823.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;674.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(486.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,011.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-12.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>56.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>54.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-180 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-160 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,289.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(246.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;191.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,343.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-14.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(205.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(45.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(255.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,494.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(291.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;186.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,598.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-12.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;85.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(3.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(105.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(23.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-127.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-123.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,415.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;379.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(405.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,389.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-1.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-16.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>35.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>32.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-310 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-260 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,962.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;496.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(388.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>3,070.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>3.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-13.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>43.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>41.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-190 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-140 bps</I></FONT></TD></TR>
</TABLE>
<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 12pt 0 4pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 14pt; color: #886D4B; line-height: 115%"><BR STYLE="clear: both">
</FONT></P>


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<P STYLE="color: #4B3A2E; font: bold 13pt/115% Century Gothic; margin: 16pt 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 14pt; color: #595959; line-height: 115%">LATIN
AMERICA SOUTH (LAS)<SUP>12</SUP></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Volume growth in the region is explained
by the good performance of Chile, Paraguay and Argentina. In Chile, volume growth was supported by the distribution partnership
with Coca-Cola Andina and Embonor that started in November. In Paraguay our 1 liter returnable glass bottles strategy continued
to drive volume growth. In Argentina, volumes grew due to the continuing efforts behind the premium segment as well as imposed
price controls.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; background-color: white">NR/hl increased
in all our markets as a result of continued revenue management initiatives and inflation in Argentina, except in Bolivia, which
was impacted by the continued restrictions affecting the on-trade.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The significant
increase in Cash COGS/hl is mainly explained by transactional FX and pack mix, while the cash SG&amp;A growth was mainly driven
by the high inflation in Argentina despite effective management of our expenses in the region.</P>

<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 36%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>LAS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;9,877.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">609.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;10,486.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3,247.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(131.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(3.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">508.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3,620.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">328.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(12.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">31.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">345.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,260.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">27.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(15.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(584.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,833.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">45.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">47.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(127.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(50.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(174.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">37.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">39.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,085.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(17.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(530.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,633.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">50.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">50.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(109.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(45.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(155.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">41.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">41.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,986.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(104.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(19.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(76.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,787.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-10.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-4.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>61.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>49.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1180 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1070 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(652.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">60.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(222.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(813.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(79.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(71.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(731.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">73.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(227.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(885.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">32.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">14.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(103.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(94.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,269.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(35.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(18.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(407.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>807.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-36.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-33.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>39.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>22.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1680 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1680 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,524.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(76.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(20.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(348.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,079.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-29.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-23.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>46.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>29.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1710 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1610 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>LAS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;32,991.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">71.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;33,062.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;10,028.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">492.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,039.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;11,560.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">304.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">14.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">30.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">349.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,998.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(301.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,638.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5,937.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">48.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">41.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(121.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(9.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(49.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(179.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">48.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,356.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(280.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,527.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5,165.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">53.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">45.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(101.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(8.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(46.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(156.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">53.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">45.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;6,030.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>191.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(599.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;5,623.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-6.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-9.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>60.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>48.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1150 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1100 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,264.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(92.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(550.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,907.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">28.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(276.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(44.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(325.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,540.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(98.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(594.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,233.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">27.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(18.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(7.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(134.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(159.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,472.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>86.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,328.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,230.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-35.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-38.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>34.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>19.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1530 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1520 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,389.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>112.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,173.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,328.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-24.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-26.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>43.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>28.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1500 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-1470 bps</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: #4B3A2E; margin: 0">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>12</SUP> Reported numbers are presented applying
Hyperinflation Accounting for our Argentinean operations, as detailed on page 25.</P>


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<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">CANADA<FONT STYLE="letter-spacing: 1.05pt"><B><SUP>13</SUP></B></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; background-color: white">In Canada
volumes declined driven by a negative industry. During the quarter COVID-19 cases peaked once again and restrictions were tightened.
During the Winter season, in-home occasions decreased if compared to previous quarters. However, we estimate another quarter of
market share gains from the strong performance of our premium and beyond beer portfolio.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; background-color: white">The NR/hl
decrease in Canada was driven by unfavorable channel and pack mix partially offset by brand mix.</P>

<P STYLE="color: #4B3A2E; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="color: windowtext">Cash
COGS/hl increased, driven by channel </FONT><FONT STYLE="color: black">and pack mix.</FONT></P>

<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 0 0 4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Canada</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,237.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;31.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(42.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,225.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,763.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;36.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;645.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(83.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,361.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">33.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-4.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;788.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;5.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;289.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(22.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,060.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">34.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(669.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(21.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(254.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;7.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(938.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(299.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(114.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(421.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(623.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(21.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(235.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;15.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(865.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">38.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(278.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(105.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(388.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">39.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,093.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;15.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;390.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(75.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,423.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>30.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-6.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>62.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>60.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-170 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-140 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(631.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(30.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(233.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;9.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(885.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(52.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(17.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;5.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(64.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-9.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(684.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(30.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(250.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;14.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(950.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">38.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;9.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;5.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;18.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">88.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">54.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;419.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(15.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;143.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(55.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;491.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>17.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-13.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>23.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>20.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-300 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-220 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;517.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(15.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;180.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(53.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;629.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-10.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>29.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>26.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-260 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-170 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Canada</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9,585.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;196.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;217.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9,998.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7,088.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;180.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,026.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;7.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9,302.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">31.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;739.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;202.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(15.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;930.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">25.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,649.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(93.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(803.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(162.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,708.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">39.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(276.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(80.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(10.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(370.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">34.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,464.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(93.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(746.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(149.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,453.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(257.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(74.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(9.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(345.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">34.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,438.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;86.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,223.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(154.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>5,594.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>26.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>62.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>60.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-250 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-220 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,550.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(74.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(694.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;117.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,201.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">25.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-4.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(156.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(48.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(12.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(218.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">39.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,707.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(75.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(743.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;105.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,420.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(16.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(24.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">51.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,715.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;474.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(52.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,149.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>25.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-3.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBIT margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>24.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>23.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-110 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-80 bps</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,057.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;12.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;579.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(26.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,623.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>27.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-1.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>29.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>28.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-80 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-40 bps</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; color: #4B3A2E; margin: 0">&nbsp;</P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>13</SUP> The scope change in Canada refers
to the acquisition, in January 2020, of G&amp;W Distilling Inc, a company that produces a portfolio of ready-to-drink beverages.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">OTHER
OPERATING INCOME/EXPENSES</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; background-color: white">Other operating
income increased mainly due to the recognition of tax credits. For details, see page 15.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Other operating income/(expenses)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Government grants/NPV of long term fiscal incentives</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">250.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">254.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">761.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">735.9 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Credits/(debits) taxes extemporaneous</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">382.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,121.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">594.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,121.2 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(Additions to)/reversals of provisions </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(36.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(36.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(37.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(70.1)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Gain/(loss) on disposal of fixed assets, intangible assets and operations in associates</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">49.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">30.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">27.2 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">101.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(113.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">123.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(135.0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Other operating income/(expenses)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>700.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,275.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,472.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,679.4 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">EXCEPTIONAL
ITEMS</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Exceptional items correspond to
(i) exceptional expenses incurred in relation to the COVID-19 pandemic, including the actions taken to ensure the health and safety
of our employees, such as the acquisition of hand-sanitizer, masks and additional cleaning of our facilities, as well as donations
to the broader community, and (ii) restructuring expenses primarily linked to centralization and sizing projects in Brazil and
LAS.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The company will relabel in future
disclosures &ldquo;Exceptional items&rdquo; to &ldquo;non-underlying&rdquo; items. The change will be effective with the results
announcements of the first quarter of 2021.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Exceptional items</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Costs from business combination</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(18.2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Restructuring</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(37.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(52.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(101.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(146.5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">IAS 29/CPC 42 (hyperinflation) application effect</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(9.3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COVID-19 impact</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(80.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(263.2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">State amnesty</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(290.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(290.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(14.8)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Exceptional items</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(330.4)</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(140.2)</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(397.2)</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(452.0)</B></FONT></TD></TR>
</TABLE>
<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">NET
FINANCE RESULTS</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; background-color: white">The net
finance results performance in the fourth quarter is broken down as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin-top: 3pt; margin-bottom: 3pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: windowtext">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Interest
inc</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">ome was R$ 1,875.3 million,
impacted by the gains related to the R$ 1,753 gains from tax credits (page 15). On a recurring basis, the result was mostly driven
by our interest income on cash balance investments in Brazil of R$ 44.3 million and Selic rate update on Income Tax to Recover/Other
legal claims of R$ 9.9 million;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Century Gothic; margin-top: 3pt; margin-bottom: 3pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest expenses was
R$ 388.7 million, mainly impacted by: (i) fair value adjustments of payables as determined by IFRS 13 (CPC 46) of R$ 138 million,
(ii) interest expenses on debts, overdrafts in Argentina of R$ 70.4 million, (iii) lease liabilities of R$ 63.2 million, (iv) fiscal
incentives interest accruals of R$ 46.8 million;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Century Gothic; margin-top: 3pt; margin-bottom: 3pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Losses on derivative instruments
of R$ 208.6 million, mainly explained by: (i) hedging carry costs linked to our FX, COGS and Capex exposure in Argentina of US$
550 million, approximately 55% of our principal, (ii) hedging carry costs linked to our FX, COGS and Capex exposure in Brasil of
US$ 1.5 billion, approximately 1.5% of our principal, (iii) equity swap mark to market gains of R$ 227.4 million (57 million shares);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Century Gothic; margin-top: 3pt; margin-bottom: 3pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Losses on non-derivative
instruments of R$ 54.5 million, mainly explained by (i) a gain of R$ 75.9 million of fair value adjustment in connection with the
renegotiation of CND put option structure, and (ii) losses on balance sheet consolidation (intercompany and third-party payables),
mostly linked to the Argentinean Peso and the Brazilian Real depreciation of R$ 130.4 million; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Century Gothic; margin-top: 3pt; margin-bottom: 3pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes on financial transactions
of R$ 155 million mainly impacted by taxes of R$ 81.7 million on interest income of one-off gains from tax credits (page 15); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Century Gothic; margin-top: 3pt; margin-bottom: 3pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other financial expenses
of R$ 212.1 million, mainly explained by letters of credit expenses, accruals on legal contingencies and pension plan expenses
and debt issuance fees;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Century Gothic; margin-top: 3pt; margin-bottom: 3pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-cash financial income
of R$ 188.8 million resulting from the adoption of Hyperinflation Accounting in Argentina, as detailed on page 25. </FONT></TD></TR></TABLE>

<P STYLE="color: #4B3A2E; font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.75in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 56%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Net finance results</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 11%; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 11%; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">151.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,875.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,068.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,245.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Interest expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(346.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(388.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,514.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,786.6)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Gains/(losses) on derivative instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(575.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(208.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,286.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,919.3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Gains/(losses) on non-derivative instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(532.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(54.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(951.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(457.4)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Taxes on financial transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(71.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(155.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(202.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(335.0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other financial income/(expenses), net</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(187.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(216.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(551.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(629.0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Exceptional financial income/(expenses), net</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(92.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(18.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Hyperinflation Argentina</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">91.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">188.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">346.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">447.4 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Net finance results</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,564.3)</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,040.9 </B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(3,109.6)</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(2,434.4)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="color: #4B3A2E; font: 11pt Century Gothic; margin: 0 0 4pt"></P>


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<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">DEBT
BREAKDOWN</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Debt breakdown</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>December 31, 2019</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>December 31, 2020</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 40%; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Current</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Current</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; white-space: nowrap; width: 10%; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Local Currency</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">474.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,881.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,356.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,232.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,622.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3,854.8 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Foreign Currency</FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">178.9 </FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">527.7 </FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">706.6 </FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">506.1 </FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">431.4 </FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">937.4 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Consolidated Debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>653.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,409.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,062.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,738.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,053.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,792.2 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Cash and Cash Equivalents less Bank Overdrafts</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;11,900.6 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;17,090.3 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Current Investment Securities</FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">14.6 </FONT></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,700.0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Net debt/(cash)</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(8,852.4)</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(13,998.1)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">PROVISION
FOR INCOME TAX &amp; SOCIAL</P>

<P STYLE="color: #4B3A2E; font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt"><FONT STYLE="color: windowtext">The
table below demonstrates the </FONT><FONT STYLE="color: black">tax and social contribution provision.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Income tax and social contribution</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Profit before tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,755.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;8,464.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;12,943.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;13,494.4 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Adjustment on taxable basis</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;Non-taxable other income</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #595959"><B><SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(356.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">89.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,067.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(630.8)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Goverment grants (VAT)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(597.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(419.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,896.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,624.9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">43.3 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Expenses not deductible</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">84.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">111.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">378.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">356.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Foreign profits taxed in Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(42.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">30.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">210.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">463.0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;2,853.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;8,285.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;10,591.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;12,101.5 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>Aggregated weighted nominal tax rate</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>28.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>31.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>28.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>30.3%</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Taxes &ndash; nominal rate </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(801.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(2,613.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(3,064.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(3,662.1)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Adjustment on tax expense</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Tax benefit - interest on shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,484.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,035.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,623.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,213.2 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Tax benefit - amortization on tax books</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">80.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">77.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Argentina's hyperinflation effect</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(50.5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other tax adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(278.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(12.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(395.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(340.6)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Income tax and social contribution expense</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>463.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,573.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(754.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,762.5)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>Effective tax rate</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>-12.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>18.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>5.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.1%</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">SHAREHOLDING
STRUCTURE</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The table below summarizes Ambev S.A.&rsquo;s
shareholding structure as of December 31, 2020.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Century Gothic; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Ambev S.A.'s shareholding structure</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>ON</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Outs</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Anheuser-Busch InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,728,911,349 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">61.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">FAHZ</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,609,987,301 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Market</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,396,016,130 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">27.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Outstanding </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;15,734,914,780 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>100.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Treasury</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203,185 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;15,735,117,965 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Free float B3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,032,124,579 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Free float NYSE</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,363,891,551 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.7%</FONT></TD></TR>
</TABLE>

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<P STYLE="color: #595959; font: bold 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; text-align: center; border-bottom: Black 0.5pt solid">FINANCIAL
REPORTING IN HYPERINFLATIONARY ECONOMIES - ARGENTINA</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Following the categorization of Argentina
as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance
with IFRS.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Consequently, starting from 3Q18,
we have been reporting the operations of our Argentinean affiliates applying Hyperinflation Accounting. The IFRS and CPC rules
(IAS 29/CPC 42) require the results of our operations in hyperinflationary economies to be reported restating the year to date
results adjusting for the change in the general purchasing power of the local currency, using official indices, before converting
the local amounts at the closing rate of the period (i.e., December 31, 2020 closing rate for 4Q20 and FY20 results).</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Hyperinflation Accounting impacts
on FY20 results from the combined effect of (i) the indexation to reflect changes in purchasing power on the FY20 results against
a dedicated line in the finance results, and (ii) the difference between the translation of the FY20 results at the closing exchange
rate of December 31, 2020 and the translation using the average year to date rate on the reported period, as applicable to non-inflationary
economies. 4Q20 results under Hyperinflation Accounting are calculated as the difference between reported FY20 and 4Q20 results.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">The impacts in 4Q19, FY19, 4Q20 and FY20 on Net Revenue
and Normalized EBITDA were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 48%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Impact of Hyperinflation Accounting (IAS 29/CPC42)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Revenue</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>FY19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>FY20</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Indexation<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;437.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;366.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;850.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;760.0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Currency<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(270.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(899.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(952.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(951.6)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Total Impact</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;167.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(533.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(101.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(191.7)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>

    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><I>R$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>4Q19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>FY19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>FY20</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Indexation<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;185.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;94.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;357.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;221.2 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Currency<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(125.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(259.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(426.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(275.2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Total Impact</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;60.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(164.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(69.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(53.9)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">BRLARS average rate</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">11.9757</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">13.5962</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">BRLARS closing rate</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">14.8583</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">16.1919</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">14.8583</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">16.1919</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt/115% Century Gothic; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indexation calculated at each period&rsquo;s closing exchange rate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt/115% Century Gothic; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Currency impact calculated as the difference between converting the
Argentinean peso (ARS) reported amounts at the closing exchange rate compared to the average exchange rate of each period.</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Furthermore, IAS 29 requires adjusting
non-monetary assets and liabilities on the balance sheet of our operations in hyperinflationary economies for cumulative inflation.
The resulting effect from the adjustment until December 31, 2017 was reported in Equity and, the effect from the adjustment from
this date on, in a dedicated account in the finance results, reporting deferred taxes on such adjustments, when applicable.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In 4Q20, the transition to Hyperinflation
Accounting in accordance with the IFRS rules, resulted in (i) a positive R$ 188.8 million adjustment reported in the finance results;
(ii) a positive impact on the Profit of R$ 143.8 million; (iii) a positive impact on the Normalized Profit of R$ 137.4 million;
and (iv) a positive impact of R$ 0.01 on EPS, as well as on Normalized EPS.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In YTD20, the consequences of the
transition were (i) a positive R$ 447.4 million adjustment reported in the finance results; (ii) a positive impact on the Profit
of R$ 70.2 million; (iii) a positive impact on the Normalized Profit of R$ 65.6 million; and (iv) no material impact on EPS, as
well as on Normalized EPS.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The 4Q20 results are calculated by
deducting from the FY results the 9M results as published. As a consequence, LAS and Consolidated 4Q19 and 4Q20 results are impacted
by the adjustment of 9M results for the cumulative inflation between September 30 and December 31, as well as by the translation
of 9M results at the FY closing exchange rate, of December 31, as follows:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


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<P STYLE="color: #4B3A2E; font: 11pt Century Gothic; margin: 0 0 4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>LAS - 9M As Reported</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>9M19</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>9M20</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10,028.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">492.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,039.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11,560.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.4%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,998.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(301.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,638.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5,937.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">41.0%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,356.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(280.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,527.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5,165.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">45.5%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>6,030.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>191.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(599.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>5,623.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-9.9%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,264.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(92.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(550.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,907.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.3%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(276.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(44.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(325.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.0%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,540.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(98.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(594.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,233.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.4%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(18.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(7.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(134.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(159.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>3,472.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>86.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,328.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,230.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-38.3%</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,389.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>112.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,173.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>3,328.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-26.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>LAS - 9M Recalculated at FY Exchange Rates</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>9M19</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>9M20</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10,152.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">36.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,035.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11,224.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.2%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(4,039.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(83.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,653.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5,777.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.9%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,387.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(97.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,545.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5,030.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">45.6%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>6,112.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(47.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(618.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>5,447.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.1%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,296.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">28.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(549.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,818.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.9%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(281.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(43.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(313.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.5%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,577.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">39.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(593.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,132.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.0%</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(19.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(135.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(155.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>3,515.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(8.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,346.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,160.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-38.3%</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,448.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(33.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,194.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>3,220.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-26.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>LAS - 9M Recalculation Impact in 4Q</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>9M19</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>9M20</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>% Organic</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;124.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(456.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(336.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(41.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">217.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(15.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;160.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(31.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">183.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(17.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;134.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;82.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(238.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(19.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(175.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(32.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">120.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;0.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;88.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;0.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;12.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(37.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">137.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;101.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(0.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;4.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;43.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(95.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(18.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(70.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;59.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(146.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(20.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(107.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">In the corresponding sections, the
impacts above are excluded from organic calculation and are identified separately in the columns labeled &ldquo;IAS 29 9M Impact&rdquo;.
Organic percentage growth rates for 4Q20 are calculated by considering the &ldquo;Organic growth&rdquo; reported in the tables
in the applicable sections, over 4Q19 base adjusted for the 9M19 recalculation.<BR STYLE="clear: both">
</P>


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<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">RECONCILIATION
BETWEEN NORMALIZED EBITDA &amp; PROFIT</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Both Normalized EBITDA and EBIT are
measures used by Ambev&rsquo;s management to measure the Company&rsquo;s performance.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Normalized EBITDA is calculated excluding
from Profit the following effects: (i) Non-controlling interest; (ii) Income Tax expense; (iii) Share of results of associates;
(iv) Net finance results; (v) Exceptional items; and (vi) Depreciation &amp; Amortization.&#9;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Normalized EBITDA and EBIT are not
accounting measures under accounting practices in Brazil, IFRS or the United States of America (US GAAP) and should not be considered
as an alternative to Profit as a measure of operational performance or an alternative to Cash Flow as a measure of liquidity. Normalized
EBITDA and EBIT do not have a standard calculation method and Ambev&rsquo;s definition of Normalized EBITDA and EBIT may not be
comparable to that of other companies.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>Reconciliation - Profit to EBITDA</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Profit - Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,099.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;6,786.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,780.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,379.4 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">119.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">104.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">408.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">352.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(463.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,573.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">754.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,762.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Profit before taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,755.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;8,464.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;12,943.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;13,494.4 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">43.3 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,564.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,040.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3,109.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,434.4 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">330.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">140.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">397.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">452.0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;5,660.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;7,573.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;16,472.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;16,424.2 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Depreciation &amp; amortization - total</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,263.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,364.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;4,675.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;5,167.3 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;6,924.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;8,937.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;21,147.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;21,591.5 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">&nbsp;</P>

<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: 1.05pt; text-align: justify; border-bottom: Black 0.5pt solid">Q4
2020 EARNINGS CONFERENCE CALL</P>

<P STYLE="font: bold 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.9pt; letter-spacing: 1.05pt; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif">
<TR>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left"><FONT STYLE="line-height: 115%">Speakers:</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">Jean Jereissati Neto</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left"><FONT STYLE="line-height: 115%">Chief Executive Officer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 18%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 2%">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left; width: 20%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 58%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left"><FONT STYLE="line-height: 115%">Lucas Machado Lira</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left"><FONT STYLE="line-height: 115%">Chief Financial and Investor Relations Officer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="line-height: 115%">Language:</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">English and Portuguese (simultaneous translation)</TD></TR>
<TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left"><FONT STYLE="line-height: 115%">Date:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">February 25, 2020 (Thursday)</TD></TR>
<TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left"><FONT STYLE="line-height: 115%">Time:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">12:30 (Bras&iacute;lia time)</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left"><FONT STYLE="line-height: 115%">10:30 (EST)</FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left"><FONT STYLE="line-height: 115%">Phone number:</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">Brazil participants</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">+ 55 (11) 3181-8565</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">US participants</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">+ 1 (844) 204-8942&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left"><FONT STYLE="line-height: 115%">International participants</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">+ 1 (412) 717-9627</TD></TR>
<TR>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left"><FONT STYLE="line-height: 115%">Conference ID:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: left">Ambev</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="color: red; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">Please call 15 minutes
prior to the beginning of the conference call.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">Webcast: The conference
call will also be transmitted live through the Internet. Please access the following links:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">English: <FONT STYLE="color: Blue"><U>https://webcastlite.mziq.com/cover.html?webcastId=625073e9-4e62-4482-8ba8-5a886f6d9760</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Portuguese: <FONT STYLE="color: Blue"><U>https://webcastlite.mziq.com/cover.html?webcastId=ff936618-8ec2-4894-9e23-856c7b5db2c9</U></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>For additional information, please
contact the Investor Relations team:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 34%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Guilherme Yokaichiya</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Juan Paz</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Felipe Trotta</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 12pt; padding-left: 3.5pt; color: #4B3A2E; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Blue; line-height: 115%"><B><U>guilherme.yokaichiya@ambev.com.br</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 12pt; padding-left: 3.5pt; color: #4B3A2E; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Blue; line-height: 115%"><B><U>juan.paz@ambev.com.br</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 12pt; padding-left: 3.5pt; text-align: center; color: #4B3A2E; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Blue; line-height: 115%"><B><U>felipe.trotta@ambev.com.br</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="color: #4B3A2E; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="color: Blue"><B><U>ri.ambev.com.br</U></B></FONT></P>


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<P STYLE="color: #4B3A2E; font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt"><B>&nbsp;</B></P>

<P STYLE="color: #595959; font: bold 14pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 16pt 0 10pt; letter-spacing: 1.05pt; border-bottom: Black 0.5pt solid">NOTES</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">This press release segregates the
impact of organic changes from those arising from changes in scope or currency translation. Scope changes represent the impact
of acquisitions and divestitures, the start up or termination of activities or the transfer of activities between segments, curtailment
gains and losses and year-over-year changes in accounting estimates and other assumptions that management does not consider as
part of the underlying performance of the business. Organic growth and normalized numbers are presented applying constant year-over-year
exchange rates to exclude the impact of the movement of foreign exchange rates.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Unless stated, percentage changes
in this press release are both organic and normalized in nature. Whenever used in this document, the term &ldquo;normalized&rdquo;
refers to performance measures (EBITDA, EBIT, Profit, EPS) before exceptional items adjustments. Exceptional items are either income
or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because
they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature.
Normalized measures are additional measures used by management and should not replace the measures determined in accordance with
IFRS as indicators of the Company&rsquo;s performance. Comparisons, unless otherwise stated, refer to the third quarter of 2019
(3Q19). Values in this release may not add up due to rounding.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Statements contained in this press
release may contain information that is forward-looking and reflects management&rsquo;s current view and estimates of future economic
circumstances, industry conditions, Company performance, and finance results. Any statements, expectations, capabilities, plans
and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration
or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies
and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations, are forward-looking
statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties.
There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including
general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors
could cause actual results to differ materially from current expectations.</P>

<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 0 0 12pt; text-align: justify; text-indent: 306.75pt">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 23%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>Ambev
    - Segment financial information</B></FONT></TD>
    <TD COLSPAN="9" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>CAC</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>LAS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Canada</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Ambev</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>Organic
    results</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Beer</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>NAB</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Consolidated</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume
    (000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23,597.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26,411.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7,794.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8,309.6
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">31,391.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">34,721.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,789.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,508.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-7.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9,877.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10,486.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,237.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,225.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">47,295.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">50,942.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>R$
    million</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net
    revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7,214.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8,719.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,296.5
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,412.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8,511.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10,132.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,953.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,442.6
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,247.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,620.5
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,763.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,361.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15,474.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18,556.6
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 10.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>%
    of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>46.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>47.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>55.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>54.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>21.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>19.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>11.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(3,047.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(3,671.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(557.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(687.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(3,605.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4,358.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(843.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1,067.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1,260.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1,833.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">47.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(669.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(938.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(6,379.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(8,197.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 10.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>%
    of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>47.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>44.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>56.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>53.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>19.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>22.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>10.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>11.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Gross
    profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,167.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5,048.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;738.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;725.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,905.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5,773.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">17.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,109.5
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,374.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,986.6
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,787.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-4.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,093.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,423.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-6.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9,095.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10,358.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 10.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>%
    of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>45.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>48.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>53.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>55.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>21.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>17.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1,941.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2,347.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(362.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(410.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2,304.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2,757.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(415.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(467.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-11.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(731.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(885.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">32.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(684.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(950.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4,134.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(5,060.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 10.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>%
    of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>47.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>46.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>55.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>54.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>10.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>9.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>17.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>17.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>16.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>18.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other
    operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;519.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,972.6
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-14.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;123.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;382.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;642.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,355.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;32.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(4.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-110.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;14.6
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(94.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;9.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;18.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">54.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;700.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,275.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-50.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 10.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>%
    of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>74.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>86.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>17.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>16.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>91.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>103.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>4.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>-0.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>2.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>-4.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>1.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>0.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized
    EBIT</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,745.5
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,673.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;499.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;697.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-13.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,244.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5,370.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;727.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;902.6
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,269.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;807.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-33.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;419.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;491.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-13.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5,660.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7,573.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 10.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>%
    of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>48.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>61.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>9.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>57.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>70.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>11.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>22.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>10.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>6.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized
    EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,395.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5,338.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;603.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;798.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-11.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,998.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6,137.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;884.6
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,091.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,524.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,079.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-23.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;517.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;629.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6,924.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8,937.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 10.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>%
    of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>49.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>59.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>57.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>68.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>22.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>%
    of net revenue</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net
    revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-42.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-42.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-43.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-48.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-42.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-43.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-43.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-43.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-38.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-50.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-38.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-39.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-41.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-44.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Gross
    profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">57.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">57.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">57.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">51.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">57.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">57.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">56.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">56.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">61.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">49.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">62.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">60.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">58.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">55.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-26.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-26.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-28.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-29.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-27.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-27.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-21.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-19.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-22.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-24.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-38.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-40.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-26.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-27.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other
    operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">27.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized
    EBIT</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">38.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">53.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">38.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">49.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">38.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">53.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">37.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">37.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">39.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">36.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized
    EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">47.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">61.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">46.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">56.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">47.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">60.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">45.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">44.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">46.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">29.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">29.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">44.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">48.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>Per
    hectoliter - (R$/hl)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net
    revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;305.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;330.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;166.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;170.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;271.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;291.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;515.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;696.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;328.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;345.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;788.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,060.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;327.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;364.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(129.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(139.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(71.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(82.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(114.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(125.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(222.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(304.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(127.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(174.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">39.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(299.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(421.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(134.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(160.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Gross
    profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;176.6
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;191.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;94.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;87.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-7.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;156.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;166.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;292.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;391.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;201.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;170.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;488.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;639.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-5.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;192.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;203.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(82.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(88.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(46.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(49.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(73.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(79.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(109.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(133.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-4.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(74.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(84.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(305.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(426.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(87.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(99.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other
    operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;22.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;74.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-135.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;15.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;46.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-28.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;20.5
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;67.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-96.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;8.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-111.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1.5
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(9.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;4.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;8.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">56.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;14.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;44.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-101.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized

    EBIT</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;116.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;176.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;64.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;84.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-22.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;103.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;154.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;191.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;257.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;128.6
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;77.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-37.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;187.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;221.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-11.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;119.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;148.7
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-11.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized
    EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;143.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;202.1
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;77.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;96.0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-20.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;127.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;176.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-5.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;233.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;311.2
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;154.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;102.9
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-28.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;231.3
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;282.8
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-8.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;146.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;175.4
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-9.7%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="width: 9%">&nbsp;<IMG SRC="ambevsapr4q206k_01.jpg" ALT=""></TD><TD STYLE="text-align: right; width: 91%">&nbsp;Page |<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>Ambev - Segment financial information</B></FONT></TD>
    <TD COLSPAN="9" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>CAC</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>LAS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Canada</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Ambev</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>Organic results</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Beer</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>NAB</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Consolidated</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 2%; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 54%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Volume (000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">80,263.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">84,791.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26,542.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26,493.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">106,806.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">111,285.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13,859.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11,451.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-17.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">32,991.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">33,062.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9,585.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9,998.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">163,243.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">165,797.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>R$ million</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23,765.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">25,953.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,364.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,243.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">28,129.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">30,196.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6,757.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7,319.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10,028.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11,560.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7,088.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9,302.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">52,005.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">58,379.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>45.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>44.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>54.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>51.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>19.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>19.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>15.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(10,037.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(11,941.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,058.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,171.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(12,096.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(14,112.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,934.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,307.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-6.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,998.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5,937.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">41.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,649.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,708.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(21,678.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(27,066.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>46.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>44.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>9.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>55.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>52.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>18.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>21.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13,727.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">14,011.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,306.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,072.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16,033.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16,083.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,823.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,011.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-12.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6,030.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5,623.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-9.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,438.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5,594.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">30,327.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">31,312.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>45.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>44.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>6.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>52.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>51.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>19.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>18.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>14.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>17.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(7,252.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(7,933.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,333.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,382.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(8,585.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(9,315.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,494.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,598.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-12.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,540.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,233.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,707.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,420.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(15,327.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(17,568.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>47.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>45.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>8.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>56.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>53.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>9.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>9.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>16.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>18.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>17.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>19.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,110.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,380.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;310.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;506.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-17.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,421.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,887.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-7.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;85.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(23.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-123.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(18.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(159.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(16.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(24.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,472.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,679.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-34.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>75.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>88.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>21.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>18.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>96.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>107.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>5.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>-0.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>-1.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>-6.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>-1.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>-0.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized EBIT</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7,585.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8,458.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-5.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,283.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,196.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-26.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8,868.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9,655.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-8.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,415.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,389.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-16.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,472.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,230.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-38.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,715.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,149.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16,472.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16,424.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-15.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>46.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>51.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>53.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>58.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>14.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>14.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>21.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>10.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>13.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10,100.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11,011.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,637.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,557.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-20.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11,737.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12,569.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-6.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,962.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,070.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-13.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,389.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,328.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-26.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,057.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,623.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21,147.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21,591.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-11.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>47.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>51.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>7.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>55.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>58.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>14.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>14.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>20.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>15.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>9.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>12.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>% of net revenue</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-42.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-46.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-47.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-51.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-43.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-46.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-43.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-45.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-39.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-51.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-37.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-39.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-41.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-46.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">57.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">54.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">52.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">48.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">57.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">53.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">56.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">54.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">60.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">48.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">62.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">60.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">58.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">53.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-30.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-30.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-30.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-32.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-30.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-30.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-22.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-21.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-25.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-28.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-38.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-36.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-29.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-30.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-1.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized EBIT</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">31.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">32.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">29.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">28.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">31.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">32.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">32.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">34.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">31.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">28.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">42.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">42.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">37.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">36.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">41.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">41.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">43.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">41.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">43.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">28.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">29.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">28.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">37.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>Per hectoliter - (R$/hl)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;296.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;306.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;164.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;160.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;263.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;271.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;487.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;639.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;304.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;349.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;739.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;930.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-2.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;318.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;352.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(125.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(140.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(77.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(82.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(113.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(126.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(211.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(288.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(121.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(179.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(276.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(370.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(132.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(163.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;171.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;165.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;86.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;78.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;150.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;144.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;275.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;350.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;182.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;170.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;463.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;559.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-5.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;185.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;188.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-5.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(90.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(93.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(50.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(52.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(80.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(83.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(107.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(139.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(77.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(97.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">23.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(282.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(342.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-5.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(93.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(106.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;13.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;28.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-25.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;11.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;19.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-17.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;13.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;25.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-21.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;6.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-127.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(4.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(2.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;9.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;16.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-38.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized EBIT</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;94.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;99.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-12.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;48.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;45.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-26.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;83.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;86.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-13.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;174.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;208.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;105.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;67.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-38.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;179.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;215.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-5.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;100.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;99.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-17.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;125.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;129.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;61.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;58.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-20.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;109.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;113.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;213.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;268.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;133.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;100.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-26.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;214.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;262.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-3.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;129.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;130.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-12.5%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>CONSOLIDATED BALANCE SHEET</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-top: white 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>December 31, 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>December 31, 2020</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11,900.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">17,090.3 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;14.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,700.0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;172.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;505.9 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,495.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,303.1 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5,978.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7,605.9 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Income tax and social contributions receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,831.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,759.2 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other taxes receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,242.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,527.9 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;985.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;850.1 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>27,621.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>35,342.6 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;163.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;213.9 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3.4 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Income tax and social contributions receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,331.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,495.0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,950.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,560.8 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other taxes receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;671.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5,695.8 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,751.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,141.6 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;56.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;33.6 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Investments in joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;303.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;337.4 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22,576.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24,768.4 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Intangible</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6,306.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">7,580.6 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Goodwill</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35,009.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40,023.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>74,121.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>89,854.0 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>101,742.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>125,196.6 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15,069.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19,339.2 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;355.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;329.8 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;653.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,738.8 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Payroll and social security payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;833.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;925.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Dividends and interest on shareholder&acute;s equity payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;956.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,454.7 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,394.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,167.3 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,108.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,549.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,530.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,848.1 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;110.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;124.9 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>25,011.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>33,478.0 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;309.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;655.9 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Derivative financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;0.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">&nbsp;0.0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,409.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,053.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Deferred tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,371.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,043.4 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,219.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,912.7 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;645.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;684.3 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Put option granted on subsidiary and other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,145.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4,226.7 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;371.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;447.1 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2,704.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3,544.0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>14,175.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>16,567.5 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>39,186.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>50,045.5 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Issued capital</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">57,866.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">57,899.1 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">75,685.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">80,905.6 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(72,274.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(64,989.0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Equity attributable to equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>61,278.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>73,815.6 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,278.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,335.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Total Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>62,556.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>75,151.1 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>101,742.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>125,196.6 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>


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<P STYLE="color: #4B3A2E; font: 11pt Century Gothic; margin: 0 0 4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>CONSOLIDATED INCOME STATEMENT</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;15,474.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;18,556.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;52,005.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;58,379.0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Cost of goods sold </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(6,379.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(8,197.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(21,678.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(27,066.1)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;9,095.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;10,358.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;30,327.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;31,312.9 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,956.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,242.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(6,951.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(8,245.0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,499.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,920.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5,696.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(6,374.6)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(678.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(897.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,680.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,948.5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">700.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,275.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,472.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,679.4 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;5,660.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;7,573.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;16,472.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;16,424.2 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(330.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(140.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(397.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(452.0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Income from operations (EBIT)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;5,330.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;7,432.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;16,074.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;15,972.2 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,564.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,040.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(3,109.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,434.4)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(11.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(9.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(22.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(43.3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,755.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;8,464.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;12,943.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;13,494.4 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">463.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,573.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(754.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,762.5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,219.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;6,890.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;12,188.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,731.9 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,099.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;6,786.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,780.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,379.4 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Non-controlling interest</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>119.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>104.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>408.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>352.5 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Basic earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.26 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.43 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.75 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.72 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.26 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.43 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.74 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.72 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,633.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;7,008.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;12,549.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;12,104.3 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized basic earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.29 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.44 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.77 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.75 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.28 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.43 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.76 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.74 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">N&ordm; of basic shares outstanding (million of shares)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;15,730.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;15,734.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;15,727.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;15,733.1 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">N&ordm; of diluted shares outstanding (million if shares)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;15,871.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;15,868.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;15,869.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;15,867.6 </FONT></TD></TR>
</TABLE>
<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="width: 9%">&nbsp;<IMG SRC="ambevsapr4q206k_01.jpg" ALT=""></TD><TD STYLE="text-align: right; width: 91%">&nbsp;Page |<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="color: #4B3A2E; font: 11pt Century Gothic; margin: 0 0 4pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Century Gothic; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 68%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt; color: #404040"><B>CONSOLIDATED STATEMENT OF CASH FLOWS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD19</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>YTD20</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>R$ million</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;4,219.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;6,890.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;12,188.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,731.9 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Depreciation, amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,264.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,364.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;4,675.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;5,167.4 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Impairment losses on receivables and inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">47.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">54.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">149.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">296.1 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Additions/(reversals) in provisions and employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">368.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">73.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">507.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">239.7 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net finance cost</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,564.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,040.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3,109.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;2,434.4 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Loss/(gain) on sale of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(14.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(63.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(73.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(78.8)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Equity-settled share-based payment expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">46.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">205.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">208.7 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(463.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,573.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">754.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,762.5 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Share of result of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">43.3 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Other non-cash items included in the profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(297.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(563.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,080.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,769.9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Cash flow from operating activities before changes in working capital and provisions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;6,745.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;8,339.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;20,458.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;20,035.4 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(Increase)/decrease in trade and other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(975.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,987.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(721.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(848.8)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(Increase)/decrease in inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(190.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(548.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(844.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,303.4)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Increase/(decrease) in trade and other payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3,464.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;4,124.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;1,382.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3,049.8 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Cash generated from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;9,043.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;8,928.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;20,274.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;20,933.0 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Interest paid</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(69.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(314.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(405.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(768.8)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Interest received</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">149.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">58.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">543.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">320.3 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Dividends received</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.8 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Income tax and social contributions paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">509.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(287.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,035.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,642.5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;9,634.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;8,393.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;18,381.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;18,855.8 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Proceeds from sale of property, plant, equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">123.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">66.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">190.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">108.0 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Proceeds from sale of operations in subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">205.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">-&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Acquisition of property, plant, equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,003.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,394.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5,069.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(4,692.7)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Acquisition of subsidiaries, net of cash acquired</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(18.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(24.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(98.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(431.5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Acquisition of other investments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(16.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(7.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(62.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(19.1)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(Investments)/net proceeds of debt securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(289.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(8.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,764.3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Net proceeds/(acquisition) of other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">-&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Cash flow used in investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,912.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,650.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(4,838.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(6,799.6)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Capital increase</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">-&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Capital increase in non-controling</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(29.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(26.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">0.7 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Proceeds/(repurchase) of shares</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(15.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(1.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(32.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(7.4)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Acquisition of non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(0.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #F2F2F2">-&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Proceeds from borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">46.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">194.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">946.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;3,767.9 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Repayment of borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,216.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,918.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,352.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,042.9)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Cash net finance costs other than interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,316.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(1,074.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,421.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2,971.5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Payment of lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(173.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(110.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(537.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;(498.5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Dividends and interest on shareholders&rsquo; equity paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(7,644.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(6,669.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(7,871.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(6,850.3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Cash flow used in financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(10,348.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(9,579.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(12,283.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(8,602.0)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Netincrease/(decrease) in Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(2,625.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(2,835.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,259.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;3,454.2 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Cash and cash equivalents less bank overdrafts at <BR>
beginning of period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;15,016.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;20,981.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,463.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,900.6 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Effect of exchange rate fluctuations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(490.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,055.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;(822.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;1,735.5 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Cash and cash equivalents less bank overdrafts at <BR>
end of period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,900.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;17,090.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;11,900.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;17,090.3 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 35; Options: NewSection -->
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    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



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

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

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Date:&nbsp;February 25, 2021</P>

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