<SEC-DOCUMENT>0001292814-21-002111.txt : 20210506
<SEC-HEADER>0001292814-21-002111.hdr.sgml : 20210506
<ACCEPTANCE-DATETIME>20210506061805
ACCESSION NUMBER:		0001292814-21-002111
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210506
DATE AS OF CHANGE:		20210506

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:		21895609

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ambevsapr1q21_6k.htm
<DESCRIPTION>AMBEVSAPR1Q21_6K
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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>

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<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 May, 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>

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<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 2021 FIRST
QUARTER 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, May
06, 2021</B> &ndash; Ambev S.A. [B3: ABEV3; NYSE: ABEV] announces its results for the first quarter of 2021. 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 three-month period
ended March 31, 2021 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>Commercial momentum continued
in the quarter, with net revenue <FONT STYLE="background-color: white">up 27.8</FONT>% in 1Q21, thanks to volume growing by 11.6% and
net revenue per hectoliter (NR/hl) increasing 14.5%. Net revenue grew in Brazil by 26.1%, in Central America and the Caribbean (CAC) by
28.2%, in Latin America South (LAS)<SUP>[1]</SUP> by 44.0%, and in Canada by 1.6%. In Brazil, volume was up 12.1% and NR/hl increased
12.5%. In CAC, volume was up 10.1% and NR/hl grew by 16.5%. In LAS, volume grew 12.5% and NR/hl rose by 27.9%. In Canada, volume grew
by 2.4% while NR/hl decreased by 0.9%.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Cost of goods sold (COGS):</B> COGS and
cash COGS (excluding depreciation and amortization) were up 35.3% and 38.6%, respectively. On a per hectoliter basis, COGS grew by 21.3%
while cash COGS was up 24.2%, mainly due to transactional currency and commodities prices headwinds, package mix impacts and inflationary
pressures in Argentina.</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 13.9% and 16.2%, respectively, mainly driven
by variable compensation provision and higher distribution expenses, partially offset by Sales and Marketing phasing.</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>EBITDA reached R$ 5,327.2 million, which corresponds to an organic growth of 23.8%, with a gross margin
of 52.3% (-260bps) and EBITDA margin of 32.0% (-110bps).</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$ 2,761.9 million, 124.9% higher than in 1Q20, due to </FONT>higher
EBITDA and better financial results. Normalized EPS was R$ 0.17 (+139.6%).</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-align: justify"><B>Cash generation and CAPEX:</B> Cash
flow from operating activities was R$ 2,836.9 million (+83.7%) and CAPEX reached R$ 1,327.3 million (-1.4%).</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: 51%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Financial highlights - Ambev consolidated</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 13%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 12%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,011.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,530.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,602.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,639.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">32.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">27.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;6,959.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;8,694.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>55.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>52.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-290 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,232.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,327.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>25.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-160 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-110 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,211.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,733.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>125.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,227.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,761.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>124.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>140.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Normalized EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>139.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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>




<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 with IAS 29, are detailed in the section Financial Reporting in Hyperinflationary
Economies - Argentina (page 21).</P>


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<P STYLE="color: #4B3A2E; font: bold 13pt Century Gothic; margin: 16pt 0 6pt; letter-spacing: 1.05pt; background-color: white">&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">MANAGEMENT
COMMENTS</P>



<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Ambev delivered a solid commercial performance
in the first quarter, driven by a consistent strategy in which innovation, flexibility and operational excellence continued to be key
pillars. We were better prepared to tackle some persisting COVID-19 headwinds than we were in March 2020, and these results give us reasons
to be confident that our strategy is working.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Most countries showed sustained volume growth,
whereby eight of our top ten markets delivered volume growth year over year and seven markets have already reached higher volumes compared
to 2019, as illustrated in the chart below:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center; background-color: white"><IMG SRC="ambevsapr1q216k_001.jpg" ALT="" STYLE="height: 346px; width: 395px">&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 11.6% this quarter, explained by strong commercial performance in all regions.</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 delivered
a solid start to the year, where according to our estimates we once again outperformed the industry by growing in all segments. The commercial
momentum in the quarter was driven by consistent implementation of our commercial strategy and operational excellence, our agility to
adapt to changes in the market, the resilience of our core brands, highly successful innovations and the growth of our premium and core
plus portfolios.</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, volume was slightly
up, still impacted by restrictions in on-premise consumption occasions and supply constraints.</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 solid performances in Argentina, Chile, and Paraguay, with good performances in our core plus and premium portfolios, resulting
in market share gains according to our estimates. Bolivia and Uruguay are still under pressure due to mobility restrictions.</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, we saw a strong volume
recovery driven by our commercial initiatives, boosted by a gradual easing of restrictions throughout the quarter and a strong premium
portfolio performance. Volume growth was led by Guatemala, Dominican Republic, and Panama, and almost all countries experienced significant
above core mix improvement, delivering mid-teens NR/hl. </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, despite continued
restrictions in place during most of Q1, we delivered volume growth and once again outperformed the beer industry by gaining market share
across the country, and our beyond beer portfolio also gained share thanks to innovation.</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0.25in; margin-bottom: 0.25in; 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">&#183;</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/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">After beginning the
quarter with a gradual lift in COVID-19 restrictions in most of the countries where we operate, in March we saw restrictions reinstated,
especially in Brazil and LAS. We produced and commercialized our products according to regulations imposed by each local government where
we operate. All of our breweries and distribution centers continued to operate.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">In Brazil, an initial relaxation
of restrictions was followed by the cancellation of Carnival and stricter restrictions in March and onwards, especially for bars and restaurants.
Most regions started to gradually reopen in April.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">In LAS, restrictions were more
relaxed during the start of the quarter, progressively resuming towards the second half of the quarter. Bolivia and Uruguay continued
to be the most affected by the imposed restrictions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">In CAC, countries continued to
gradually reopen throughout the quarter. Panama had the strictest restrictions in early January, but progressively reopened as well.&nbsp;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">In Canada, restrictions remained
tight through the quarter and bars &amp; restaurants were closed in most urban areas. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0.25in; margin-bottom: 0.25in; 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">&#183;</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/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">2020 was marked by great challenges brought
by COVID-19, most of which are still present in 2021. Thus, we continued to develop stronger and sustainable relationships with our customers,
reconnect with our consumers, and help our communities.</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, given the cancellation
of Carnival in February, we adapted and donated, to all 27 states&rsquo; health departments, over 5,000 coolers which would have been
used for street vendors during Carnival with the capacity to store and transport over 3 million COVID-19 vaccines simultaneously. We also
launched initiatives to support those who were most impacted by the cancellation of festivities, such as the &ldquo;Ajude um Ambulante&rdquo;
program through Z&eacute; Delivery, that helped about 20,000 street vendors recover their income; we partnered with the National Association
of Waste Pickers (ANCAT) to provide financial aid to more than 2,800 waste pickers; we encouraged compliance with Government gathering
restrictions, by offering free delivery during the holiday through Z&eacute; Delivery, paired with streaming entertainment for our consumers
to enjoy from the safety of their homes.</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">In January
we donated 500 oxygen tanks to help overcome the Manaus crisis. Also, when the COVID-19 second wave impacted the health care system, we
announced the transformation of part of our Colorado brewery to produce, fill and donate enough hospital oxygen tanks to treat 166 people
per day.</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 LAS, Quilmes -our subsidiary
in Argentina- designed and built a COVID-19 Vaccination Center in its <I>Parque de la Cervecer&iacute;a </I>in Quilmes City to be operated
by the Municipality of Quilmes and the Province of Buenos Aires, capable of vaccinating up to 1,000 people per day. This initiative is
part of the Federal Humanitarian Aid Plan that the company has been carrying out since the pandemic began in Argentina, responding to
the different needs of the communities neighboring its breweries and plants throughout the country. </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, <I>Colmados Seguros</I>
in the Dominican Republic and <I>Paisano Seguro</I> in Panama are still in place, helping our customers guarantee secure spaces for consumers
during reopening. In Panama, with
the &ldquo;Sacamos un Extra por nuestros Clientes&rdquo; action we invested part of the S&amp;M savings from the cancelled Carnival to
aid the on-premise and connected with the pre-launch of Atlas Golden Extra. In the Dominican Republic we are supporting the Government
with its COVID-19 vaccination plans.</FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white"></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 Canada, Labatt initiated #TogetherAgain,
a program to raise awareness about the efficacy, safety, and benefits of COVID-19 vaccination to overcome hesitancy. The goal is to pave
the way for a time when we can all grab a beer #TogetherAgain. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">We were honored to
be recognized as one of the 10 most innovative corporate social responsibility companies of 2021 by Fast Company, for devising creative
pandemic aid initiatives.</P>

<P STYLE="font: 10pt/115% 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"></TD><TD STYLE="width: 17.85pt"><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"><B><I><U>Innovation and Business
Transformation</U></I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% 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">Consumer-centric innovation and business transformation
are pillars of our business and core to our commercial strategy. We have a framework of five growth drivers to address different pain
points of our customers and consumers:</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/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">We continue building and expanding a solid
and diverse beer portfolio, with different proposals matching different occasions and consumer needs.</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 held its momentum, driving growth of the core plus segment and claimed a top 5 sales spot amongst our brands. Additionally, we continue
to expand our innovations by piloting new core plus propositions. </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, we continued to develop
our portfolio: in Paraguay, the recently launched Skol drove our core plus expansion. In Argentina, we began deploying Brahma Dorada in
the Northern region and launched Brahma Flint 710ml. And in Chile we introduced Pilsen del Sur, enhancing our core brand 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 CAC, we launched Gran Modelo
(630ml) and in Panama Atlas Golden Extra, a full-bodied version of the Atlas Golden Light to enhance our above core development strategy.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">We continue expanding in the Direct-To-Consumer
space with solutions for our consumers&rsquo; pain points: (i) late hours availability, (ii) fast service that saves time 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, Z&eacute; Delivery
continued to grow exponentially, reaching 14 million orders in the quarter. In 2020, Z&eacute; delivery consolidated itself as the trusted
authority for in-home on-demand beverages consumption and through 2021 we will continue to focus on scaling up this platform.</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. In Chile, Casa de la Cerveza continued to experience record growth in number of orders and sales.</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
we continue to expand Colmapp, that delivers cold beer within 30 minutes.</FONT></TD></TR></TABLE>

<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/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">BEES, our B2B digital
sales platform, helps retailers improve their purchases and increase their sales through technology, and empowers small and medium entrepreneurs
by facilitating daily operations and enhancing our connection with
them. BEES immerses our POCs into digital transformation, providing autonomy and customer support, enabling our customers to place an
order in three clicks, any day, any time. The proposal is simple and boosts our customers&rsquo; and partners&rsquo; revenues through
better assortment and execution. BEES is now expanding its reach as a marketplace, making several products from different categories easily
available to clients.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; background-color: white"></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 expand
BEES and currently over 65% of our active customer base is purchasing through the platform. Since the roll-out last year, we already have
100% of our direct distribution centers operating under the new model.</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">In March
we announced that Menu.com will combine efforts with BEES to boost the development of new capabilities and accelerate its expansion. Menu.com
is a marketplace startup founded in 2016 that has been accelerated by Z-Tech, our technology hub focused on small and medium businesses.
In the two years with Z-Tech, Menu.com has seen its revenue grow 65 times and was recognized as the best startup in Brazil, according
to the annual ranking of LinkedIn in 2020.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.75in; text-align: justify; background-color: white">We have
also been developing DONUS, our own retail digital account and financial solutions. The goal of DONUS is to bring digital transformation
to our small and medium retailers by offering simple payment solutions to empower the POC owner's finances. It offers debit card, POS,
accounting solution, credit solutions, and digitalization of payments to Ambev for small merchants. By 1Q21 the number of DONUS clients
had grown 10 times year over year.</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 CAC, Dominican Republic, our
full digital operation, continues to lead the expansion of the BEES platform, actively sharing know-how and best practices with other
operations. More than 90% of our customers are buying through BEES and its marketplace is exponentially growing, whereby non-Ambev products&rsquo;
revenue has grown triple digit and the more than 70 SKUs offered cover a majority of the POCs assortment already.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>Health and wellness</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 expanded Michelob
Ultra, with its unprecedented low-calories and low-carb premium proposition in the Brazilian market. Stella Sem Gluten continues its rollout
with great results. </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
reduce our sugar content through the portfolio, expand the rollout of 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 grow double digit, and in Canada, it was the fastest growing beer brand in 1Q for the second time.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I>Future Beverages</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, we continue to expand
Beats in partnership with the Brazilian popular artist Anitta, delivering significant 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, in Argentina our winery
Dante Robino is still delivering triple digit volume growth as well as solid NR/hl increase.</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, 1Q21 performance was
impacted by the successful launch of products in the Hard Soda &amp; Seltzer segments. Bud Light Seltzer&rsquo;s long anticipated launch
got off to a fast start. Moreover, the continued success of N&uuml;trl and its brand extension N&uuml;trl Juic&rsquo;d (N&uuml;trl vodka
soda with real fruit juice) allowed us to grow total share of segment in Hard Soda &amp; Seltzer. </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>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 17.85pt; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white"><I></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"></TD><TD STYLE="width: 17.85pt"><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"><B><I><U>Commercial Highlights</U></I></B></FONT></TD></TR></TABLE>
<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">Our premium brands
have grown above the industry in most of our markets in the first 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
continued their momentum delivering nearly 20% volume growth, with Beck&acute;s growing triple-digit, and Corona growing by almost 50%.
</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
nearly doubled its volumes, and the premium portfolio grew by double-digits. In Chile, our global brands, also led by Corona, drove volume
expansion with solid growth rates.</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
by double-digits, with a positive contribution to the whole portfolio mix. Corona grew double-digits in Guatemala and in the Dominican
Republic. </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, although Corona maintained
strong momentum in 1Q21 growing share, our premium performance was negatively impacted by continued on-premise closures as Stella Artois
and Mill St. brands heavily over-index in this channel. </FONT></TD></TR></TABLE>

<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">The core plus segment
continues to emerge as a key growth driver:</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, the core plus segment
grew triple digits, led by Brahma Duplo Malte. The core segment was marked by the resilience of our brands, with the Brahma, Skol and
Antarctica families growing by high 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 LAS, in Argentina, both Budweiser
and Andes Origen continued to grow by double-digits. In Chile, Cusque&ntilde;a and Budweiser continue to deliver strong results, growing
by high double-digits and contributing to the above core mix. In Paraguay, our recent Skol launch continues 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-single digits. We continued to gain market share with our core brands
Budweiser, Bud Light, and Busch.</FONT></TD></TR></TABLE>


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<P STYLE="color: #595959; font: 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 4pt"><FONT STYLE="letter-spacing: 1.05pt"><B>&nbsp;</B></FONT></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">2021 OUTLOOK</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">We continue
to expect 2021 to be a challenging and volatile year thanks to COVID-19, but we remain steady on our recovery path thanks to the continued
commercial momentum since 3Q20. Our strategy for the remainder of 2021 will continue to be built around innovation, technology-driven
transformation, and collaboration with our ecosystem. Operational excellence and consistent execution will continue to make the difference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">In Brazil,
we expect margin pressure to remain, not only because of the transactional FX and commodity headwinds but also due to increased SG&amp;A
thanks mainly to higher variable compensation accruals. However, our stronger than expected top line performance should continue to drive
our recovery and help partially offset these headwinds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">With
Brazil on the recovery path and stronger international performance, normalized consolidated EBITDA performance for the full year should
improve as we work to get back to 2019 levels, with top line recovery ahead of bottom line recovery.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; 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 and adapt
to any developments.</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: 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 4pt"><FONT STYLE="letter-spacing: 1.05pt"><B>&nbsp;</B></FONT></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 INCOME STATEMENT</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: 34%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Consolidated income statement</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;12,602.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;6.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;532.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;3,498.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;16,639.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">32.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">27.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(5,643.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(305.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(1,993.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(7,945.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,959.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,505.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,694.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>24.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(4,072.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(167.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(565.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(4,808.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;171.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;0.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;6.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;177.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,058.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,063.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>32.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>30.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(24.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;5.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(52.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(71.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">196.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(1,536.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(1,064.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(6.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(12.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">89.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(279.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(182.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-34.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,211.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,733.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>125.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,091.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,625.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>140.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;119.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;107.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-9.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,227.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,761.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>124.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,107.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,684.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>142.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,232.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,006.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,327.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>25.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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>
  </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</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Century Gothic; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E; line-height: 115%"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 14pt; color: #595959; line-height: 115%"><B>Volume (million hectoliters)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E; line-height: 115%"><IMG SRC="ambevsapr1q216k_002.jpg" ALT="" STYLE="height: 287px; width: 791px"></TD></TR>
  <TR>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E; line-height: 115%"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 14pt; color: #595959; line-height: 115%"><B>Net revenue per hectoliter (R$)</B></FONT></TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E; line-height: 115%"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 14pt; color: #595959; line-height: 115%"><B>COGS per hectoliter (R$)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E; line-height: 115%"><IMG SRC="ambevsapr1q216k_003.jpg" ALT="" STYLE="height: 225px; width: 396px"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E; line-height: 115%"><IMG SRC="ambevsapr1q216k_004.jpg" ALT="" STYLE="height: 225px; width: 402px"></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E; line-height: 115%"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 14pt; color: #595959; line-height: 115%"><B>Normalized EBITDA (R$ million)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E; line-height: 115%"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 14pt; color: #595959; line-height: 115%"><B>Normalized EBITDA Margin (%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E; line-height: 115%"><IMG SRC="ambevsapr1q216k_005.jpg" ALT="" STYLE="height: 208px; width: 396px"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E; line-height: 115%"><IMG SRC="ambevsapr1q216k_006.jpg" ALT="" STYLE="height: 208px; width: 402px"></TD></TR>
  </TABLE>
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

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

</DIV>

<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: 33%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Ambev</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 12%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;39,011.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;6.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;4,512.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;43,530.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">11.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;12,602.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;6.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;532.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;3,498.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;16,639.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">32.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">27.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;323.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;0.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;12.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;46.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;382.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">14.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(5,643.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(305.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(1,993.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(7,945.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(144.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;(7.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(30.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(182.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">21.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(4,976.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(293.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(1,921.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(7,195.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">44.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">38.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(127.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;(6.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(30.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(165.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">29.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,959.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,505.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,694.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>24.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>55.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>52.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-290 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(3,564.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(150.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(576.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(4,295.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(507.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;(17.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;10.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(513.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(4,072.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(167.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(565.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(4,808.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;171.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;6.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;177.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">3.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,058.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,063.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>32.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>30.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>24.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>24.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,232.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,006.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,327.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>25.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-160 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-110 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>


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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</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: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,011.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;3,019.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,030.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;6,525.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;1,700.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;8,225.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;260.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;32.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;293.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(2,950.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(1,031.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3,981.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(117.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(24.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(142.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(2,603.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(994.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3,598.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">38.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">38.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(104.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(24.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(128.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,575.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,243.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>18.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>51.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-320 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-320 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(1,906.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(353.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(2,259.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(345.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;37.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(308.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-10.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(2,252.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(315.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(2,567.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">14.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">14.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;162.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;29.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;191.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">17.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">17.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,485.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,867.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>25.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>25.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>22.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>22.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,178.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,559.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>17.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>17.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>33.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>31.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-230 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-230 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: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></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">BEER
BRAZIL</P>



<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Beer Brazil delivered a strong start to the
year. Our performance was driven by the consistent implementation of our commercial strategy and operational excellence. According to
our estimates, we once again outperformed the industry. We saw continued success of our innovations, such as Brahma Duplo Malte, and the
growth of the premium segment, particularly our global brands, which grew by nearly 20%.</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, commodities prices, and packaging mix. The cash SG&amp;A increased, mainly driven by bonus provision and increased
distribution costs from the transfer of products and last mile expenses related to our direct-to-consumer platform expansion, partially
offset by lower Sales &amp; Marketing expenses in the quarter phased to subsequent quarters.</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: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Beer Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,581.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;2,966.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,548.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;5,454.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;1,670.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;7,124.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">30.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">30.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;293.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;37.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;330.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(2,401.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(1,000.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3,401.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">41.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(129.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(28.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(157.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">22.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(2,101.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(964.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3,065.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">45.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">45.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(113.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(29.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(142.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">25.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,053.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,723.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>56.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>52.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(1,617.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(329.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(1,947.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">20.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(302.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;37.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(265.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-12.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(1,920.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(292.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(2,212.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;130.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;21.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;152.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,264.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,662.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>31.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>31.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>23.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>23.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,866.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,263.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>21.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>34.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>31.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-240 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-240 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt 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">NAB
BRAZIL</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Volumes were up by 0.8% in the quarter led
by Sukita and energy drinks portfolio, partially offset by the occasions impacted by COVID-19 restrictions and production constraint.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; 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 occasion based promotional
activity.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">Cash COGS/hl performance
was negatively impacted by FX and commodity prices, partially offset by phasing of tax credits related to concentrate purchases.</P>

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

<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 12pt 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: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>NAB Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;6,429.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;52.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;6,482.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;1,070.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;30.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;1,100.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;166.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;3.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;169.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">2.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(548.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(31.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(580.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(85.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(4.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(89.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">4.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(501.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(30.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(532.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(78.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(4.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(82.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">5.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>48.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>47.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-140 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(288.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(23.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(312.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">8.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(43.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;0.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(42.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(332.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(23.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(355.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;31.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;7.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;39.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-7.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-7.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>20.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>18.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-210 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-210 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-5.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-5.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>29.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>26.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-230 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-230 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: #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: 6pt 0; text-align: justify; background-color: white">The volume performance
recovery was fueled by our consistent commercial strategy paired with progressive relaxation of restrictions throughout the quarter.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">Our NR/hl continuously
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: 6pt 0; text-align: justify; background-color: white">Cash SG&amp;A growth
was mainly driven by variable compensation accruals, partially offset by the phasing of commercial investments.</P>

<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 12pt 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: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;2,748.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;276.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;3,024.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;1,424.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;333.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;402.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;2,159.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">51.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">28.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;518.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;110.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;85.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;714.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">37.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(678.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(156.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(180.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(1,015.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">49.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">26.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(246.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(51.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(37.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(335.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">36.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(591.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(139.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(174.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(904.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">53.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">29.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(215.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(46.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(38.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(299.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">39.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">17.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,144.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>53.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>29.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>52.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(315.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(66.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(33.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(415.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">31.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(40.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(10.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(14.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(65.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">61.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(356.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(76.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(48.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(480.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">13.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;5.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;0.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;(5.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;0.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-99.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-99.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>67.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>42.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>27.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>30.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>290 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>310 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>60.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>36.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>38.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>220 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>230 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)</FONT><FONT STYLE="font-family: Century Gothic,sans-serif; font-size: 13pt; color: windowtext; letter-spacing: 1.05pt"><B><SUP>[2]</SUP></B></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">Solid volume growth in LAS was explained
by the good performances of Argentina, Chile, and Paraguay. Bolivia and Uruguay were heavily impacted by restrictions during the first
quarter.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">In Argentina continued momentum was driven
by growth across our portfolio, especially of above core segments, with high volume growth and market share gains. In Chile, volumes accelerated
from their 4Q20 momentum supported by our new distribution deal with Coca-Cola Andina and Embonor, increasing our POC coverage. Core Plus
and Premium segments continued to drive growth.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">In Paraguay, our 1-liter returnable glass
bottles strategy continued to drive double-digit volume growth coupled with a successful Skol launch.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify">NR/hl increased in most markets driven by
mix and continued revenue management initiatives, especially as pandemic situation improved in Argentina.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify; background-color: white">The significant
increase in Cash COGS/hl is mainly explained by commodities and pack mix, while the cash SG&amp;A growth was mainly driven by the high
inflation in Argentina and variable compensation accruals.</P>

<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; 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: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>LAS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;9,333.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;1,169.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,503.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;3,120.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(299.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;1,372.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;4,192.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">34.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">44.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;334.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(28.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;93.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;399.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(1,414.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;55.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(744.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(2,103.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">48.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">52.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(151.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;5.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(54.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(200.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">35.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(1,236.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;37.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(702.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(1,901.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">53.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">56.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(132.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;3.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(52.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(181.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,705.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,088.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>22.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>36.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>54.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>49.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-490 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(731.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;85.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(269.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(915.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">25.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">36.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(78.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;7.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(10.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(81.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(810.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;93.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(280.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(997.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">34.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;16.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;2.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;(23.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(4.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-128.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-142.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,086.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>19.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>35.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>29.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>25.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-330 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,169.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,370.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>17.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>32.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>32.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-480 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>-310 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 0; text-align: justify; background-color: white">&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> <FONT STYLE="color: windowtext">Reported numbers
are presented applying Hyperinflation Accounting for our Argentinean operations, as detailed on page 21.</FONT></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>[3]</SUP></B></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">In Canada, volumes
recovered following a difficult 4Q20, driven by continued market share momentum in beer, a strong beer industry and our beyond beer performance.
During most of the quarter, COVID-19 restrictions were still in place and in some situations were tightened as cases increased.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; background-color: white">The NR/hl decrease
in Canada was driven by channel mix, amid continued on-premise restrictions.</P>

<P STYLE="color: #4B3A2E; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="color: windowtext">Cash
COGS/hl increased, driven by commodity price headwinds</FONT><FONT STYLE="color: black">. Canada delivered Normalized EBITDA growth and
Normalized EBITDA Margin expansion.</FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Cash SG&amp;A improvement can be explained
by the phasing of commercial investments and distribution efficiencies which offset variable compensation accrual.</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: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;1,918.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;6.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;46.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;1,971.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;1,532.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;6.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;499.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;24.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;2,062.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;799.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;0.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;253.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(6.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;1,046.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">30.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-0.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(600.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(204.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(37.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(844.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(312.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(0.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(103.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(11.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(428.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">36.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(546.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(191.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(50.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(791.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">44.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(284.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(0.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;(97.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(18.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(401.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">40.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,217.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>30.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>-1.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>60.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>59.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(611.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(170.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;80.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(704.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(42.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">- </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;(14.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(2.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(59.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">39.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(653.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(3.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;(184.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;78.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(763.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(13.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">-</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;(2.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;6.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(9.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-31.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">-48.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>67.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>17.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>21.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>430 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>16.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>23.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>27.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><I>350 bps</I></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



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

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[3]</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>

<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: 74%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Other operating income/(expenses)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 13%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">156.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">171.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(9.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">16.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><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: 5.4pt; padding-left: 5.4pt; text-align: center; 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; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>171.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>177.9</B></FONT></TD></TR>
  </TABLE>
<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: 6pt 0; 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: 6pt 0; 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: 74%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Exceptional Items</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 13%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(13.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(39.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: white">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(10.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(31.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Exceptional Items</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(71.4)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 0 0 12pt; text-align: center">&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: 6pt 0; text-align: justify; background-color: white">The net finance results
performance in the first quarter was R$ 472.6 million better than 1Q20 and is broken down as follows:</P>

<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; color: windowtext">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Interest income
was R$ 107.4 million, mainly explained by: (i) interest income on cash balance investments in Brazil of R$ 31.4 million and malting plants
of R$ 20.8 million, as well as (ii) Selic rate update on income tax to recover and other legal claims of R$ 29.3 million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">Interest expenses was R$ 334.6
million, mainly impacted by: (i) fair value adjustments of payables as determined by IFRS 13 (CPC 46) of R$ 141.3 million, (ii) fiscal
incentives interest accruals of R$ 49.1 million, (iii) CND PUT option interest accruals of R$ 42.3 million, (iv) lease liabilities interest
accruals of R$ 39.6 million and (v) interest expenses on debts and overdraft Argentina of R$ 47.3 million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">Losses on derivative instruments
of R$ 770.9 million, mainly explained by: (i) hedging carry costs related to our FX, COGS and Capex exposure in Argentina of US$ 640 million,
with approximately 66% carry cost, (ii) hedging carry costs related to our FX, COGS and Capex exposure in Brazil of US$ 1.5 billion, with
approximately 1.2% carry cost, (iii) equity swap mark to market losses of R$ 55.3 million (57 million shares).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">Losses on non-derivative instruments
of R$165.4 million, mainly explained by losses on balance sheet consolidation (intercompany and third-party payables), mostly related
to the Argentinean Peso and the Brazilian Real depreciation of R$ 121.0 million. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">Taxes on financial transactions
of R$ 11.4 million mainly impacted by taxes on interest income. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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">Other financial expenses of R$
141.2 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: 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">Non-cash financial income of
R$ 251.8 million resulting from the adoption of Hyperinflation Accounting in Argentina.</FONT></TD></TR></TABLE>

<P STYLE="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: 72%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Net finance results</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 14%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 14%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">147.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">107.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(334.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(945.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(770.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(206.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(165.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(86.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(99.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(141.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">80.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">251.8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Net finance results</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,536.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(1,064.3)</B></FONT></TD></TR>
  </TABLE>
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<P STYLE="color: #595959; font: 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 4pt"><FONT STYLE="letter-spacing: 1.05pt"><B>&nbsp;</B></FONT></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">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: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Debt breakdown</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>March 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 34%; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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; width: 11%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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="white-space: nowrap; width: 11%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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="white-space: nowrap; width: 11%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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="white-space: nowrap; width: 11%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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="white-space: nowrap; width: 11%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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="white-space: nowrap; width: 11%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; 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;2,232.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;1,622.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;3,854.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;2,341.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;1,984.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;4,325.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Foreign Currency</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;&nbsp;&nbsp;506.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;&nbsp;&nbsp;431.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;&nbsp;&nbsp;937.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;&nbsp;&nbsp;257.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;&nbsp;&nbsp;443.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;&nbsp;&nbsp;701.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,738.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,053.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,792.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,598.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,428.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,027.2 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;17,090.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;17,286.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Current Investment Securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;1,700.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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;2,049.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Net debt/(cash)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13,998.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14,308.5)</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: 10pt/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>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&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: 78%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Income tax and social contribution</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,490.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,915.4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Government grants (VAT)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(405.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(398.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">12.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">15.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Taxation in universal basis</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(34.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(80.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,070.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,464.2</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>29.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>28.3%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(314.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(697.6)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">141.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">592.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">19.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(19.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(14.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(106.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(82.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(279.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(182.1)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><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; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B><I>6.2%</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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


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<P STYLE="color: #595959; font: 14pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 4pt"><FONT STYLE="letter-spacing: 1.05pt"><B>&nbsp;</B></FONT></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: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The table below summarizes Ambev S.A.&rsquo;s
shareholding structure as of March 31, 2021.</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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;9,728,911,349 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;1,609,987,301 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;4,398,114,357 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,737,013,007 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;2,230,295 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,739,243,302 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;2,925,775,991 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">18.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;1,472,338,366 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">9.4%</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: 6pt 0; 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: 6pt 0; 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., March 31, 2021 closing rate for 1Q21 results).</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The Hyperinflation Accounting impacts on 1Q21
results from the combined effect of (i) the indexation to reflect changes in purchasing power on the 1Q21 results against a dedicated
line in the finance results, and (ii) the difference between the translation of the 1Q21 results at the closing exchange rate of March
31, 2021 and the translation using the average year to date rate on the reported period, as applicable to non-inflationary economies.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0">The impacts in 1Q20 and 1Q21 on Net Revenue and Normalized EBITDA
were as follows:</P>

<P STYLE="font: 12pt/115% Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0">&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: 72%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Impact of Hyperinflation Accounting (IAS 29/CPC42)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">38.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">83.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">232.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>271.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>78.1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #404040"><B>1Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(5.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">92.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">(2.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>94.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>(7.0)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">&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: 6pt 0; 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: 6pt 0; text-align: justify">In 1Q21, the transition to Hyperinflation
Accounting in accordance with the IFRS rules, resulted in (i) a positive R$ 251.8 million adjustment reported in the finance results;
(ii) a positive impact on the Profit of R$ 67.6 million; (iii) a positive impact on the Normalized Profit of R$ 68.4 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">&nbsp;</P>

<P STYLE="font: 10.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&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">RECONCILIATION
BETWEEN NORMALIZED EBITDA &amp; PROFIT</P>

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

<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 0 0 12pt; 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: 76%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>Reconciliation - Profit to EBITDA</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,091.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,625.4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">119.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">107.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">279.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">182.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1,490.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>2,915.4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">6.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,536.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,064.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">24.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">71.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>3,058.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,063.7</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,174.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">1,263.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>4,232.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>5,327.2</B></FONT></TD></TR>
  </TABLE>
<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: 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">Q1
2021 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">May 06, 2021  (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="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"></P>

<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: https://webcastlite.mziq.com/cover.html?webcastId=3796f21c-a279-4eb3-bb4b-673be5fa6385</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Portuguese: https://webcastlite.mziq.com/cover.html?webcastId=ca04fba0-673e-4a20-a2e2-85e1cf8d3eb8</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; line-height: 115%"><B>Guilherme.yokaichiya@ambev.com.br</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; line-height: 115%"><B>juan.paz@ambev.com.br</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; line-height: 115%"><B>felipe.trotta@ambev.com.br</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"><B>ri.ambev.com.br</B></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: 6pt 0; 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: 6pt 0; 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 first quarter of 2020 (1Q20). Values in this release may not add up due to rounding.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; 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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<P STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic; margin: 0 0 12pt; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10.5pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #404040; font: bold 12.5pt Arial Narrow, Helvetica, Sans-Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-left: white 0.5pt solid"><FONT STYLE="font-size: 7pt">Ambev
    - Segment financial information</FONT></TD>
    <TD COLSPAN="9" STYLE="color: #595959; font-weight: bold; border-top: white 0.5pt solid; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">Brazil</FONT></TD>
    <TD COLSPAN="3" STYLE="color: #595959; font-weight: bold; border-top: white 0.5pt solid; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">CAC</FONT></TD>
    <TD COLSPAN="3" STYLE="color: #595959; font-weight: bold; border-top: white 0.5pt solid; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">LAS</FONT></TD>
    <TD COLSPAN="3" STYLE="color: #595959; font-weight: bold; border-top: white 0.5pt solid; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">Canada</FONT></TD>
    <TD COLSPAN="3" STYLE="color: #595959; font-weight: bold; border-top: white 0.5pt solid; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">Ambev</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; border-right: white 0.5pt solid; border-left: white 0.5pt solid"><FONT STYLE="font-size: 7pt">Organic
    results</FONT></TD>
    <TD COLSPAN="3" STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">Beer</FONT></TD>
    <TD COLSPAN="3" STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">NAB</FONT></TD>
    <TD COLSPAN="3" STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">Total</FONT></TD>
    <TD COLSPAN="3" STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><FONT STYLE="font-size: 7pt">Consolidated</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959; font-style: italic; border-right: white 0.5pt solid; border-bottom: #BA0C2F 0.5pt solid; border-left: white 0.5pt solid; text-align: center; width: 23%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt; width: 4%"><FONT STYLE="font-size: 7pt">1Q20</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; background-color: #F2F2F2; width: 4%"><FONT STYLE="font-size: 7pt">1Q21</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; border-bottom: #BA0C2F 0.5pt solid; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt; width: 4%"><FONT STYLE="font-size: 7pt">1Q20</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; background-color: #F2F2F2; width: 4%"><FONT STYLE="font-size: 7pt">1Q21</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; border-bottom: #BA0C2F 0.5pt solid; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt; width: 4%"><FONT STYLE="font-size: 7pt">1Q20</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; background-color: #F2F2F2; width: 4%"><FONT STYLE="font-size: 7pt">1Q21</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; border-bottom: #BA0C2F 0.5pt solid; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt; width: 4%"><FONT STYLE="font-size: 7pt">1Q20</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; background-color: #F2F2F2; width: 4%"><FONT STYLE="font-size: 7pt">1Q21</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; border-bottom: #BA0C2F 0.5pt solid; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt; width: 4%"><FONT STYLE="font-size: 7pt">1Q20</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; background-color: #F2F2F2; width: 4%"><FONT STYLE="font-size: 7pt">1Q21</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; border-bottom: #BA0C2F 0.5pt solid; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt; width: 4%"><FONT STYLE="font-size: 7pt">1Q20</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; background-color: #F2F2F2; width: 4%"><FONT STYLE="font-size: 7pt">1Q21</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; border-bottom: #BA0C2F 0.5pt solid; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt; width: 4%"><FONT STYLE="font-size: 7pt">1Q20</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 0.5pt solid; text-align: center; background-color: #F2F2F2; width: 4%"><FONT STYLE="font-size: 7pt">1Q21</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-right: white 0.5pt solid; border-bottom: #BA0C2F 0.5pt solid; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Volume (000 hl)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;18,581.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;21,548.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">16.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,429.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,482.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">0.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;25,011.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;28,030.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">12.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,748.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,024.7</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">10.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,333.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;10,503.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">12.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,918.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,971.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">2.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;39,011.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;43,530.2</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">11.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; border-bottom: #BA0C2F 2pt double; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">R$
    million</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,454.6</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,124.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">30.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,070.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,100.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">2.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,525.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,225.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">26.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,424.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,159.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">28.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,120.2</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,192.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">44.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,532.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,062.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">1.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;12,602.6</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;16,639.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">27.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12px; color: #595959; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">%
    of total</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">43.3%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">42.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">8.5%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">6.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">51.8%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">49.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">11.3%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">13.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">24.8%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">25.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">12.2%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">12.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(2,401.4)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(3,401.5)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">41.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548.7)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580.0)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">5.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(2,950.1)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(3,981.5)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">35.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(678.4)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(1,015.4)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">26.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(1,414.6)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(2,103.7)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">52.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600.1)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(844.7)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">6.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(5,643.2)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(7,945.3)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">35.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12px; color: #595959; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">%
    of total</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">42.6%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">42.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">9.7%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">7.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">52.3%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">50.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">12.0%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">12.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">25.1%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">26.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">10.6%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">10.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Gross profit</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,053.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,723.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">21.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-0.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,575.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,243.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">18.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,144.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">29.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,705.6</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,088.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">36.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932.7</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,217.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-1.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,959.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,694.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">21.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12px; color: #595959; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">%
    of total</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">43.9%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">42.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">7.5%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">6.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">51.4%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">48.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">10.7%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">13.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">24.5%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">24.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">13.4%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">14.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">SG&amp;A</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(1,920.1)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(2,212.8)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">15.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332.1)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355.1)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">6.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(2,252.2)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(2,567.9)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">14.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356.1)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(480.6)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">13.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(810.4)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(997.2)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">34.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(653.4)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(763.0)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-12.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(4,072.2)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;(4,808.7)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">13.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12px; color: #595959; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">%
    of total</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">47.2%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">46.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">8.2%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">7.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">55.3%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">53.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">8.7%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">10.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">19.9%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">20.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">16.0%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">15.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">16.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.6</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">24.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191.6</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">17.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-99.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.7)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-142.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.2)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.0)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-48.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">3.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12px; color: #595959; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">%
    of total</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">76.4%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">85.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">18.5%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">22.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">94.9%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">107.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">3.1%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">0.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">9.7%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-2.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">-7.7%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-5.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Normalized EBIT</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,264.0</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,662.7</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">31.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-7.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,485.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,867.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">25.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">42.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,086.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">35.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">26.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,058.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,063.7</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">30.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12px; color: #595959; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">%
    of total</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">41.3%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">40.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">7.2%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">5.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">48.6%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">46.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">12.9%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">16.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">29.8%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">26.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">8.7%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">11.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,866.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,263.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">21.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-5.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,178.0</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,559.0</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">17.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">36.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,169.0</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,370.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">32.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">16.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,232.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,327.2</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">23.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12px; color: #595959; font-weight: bold; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">%
    of total</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">44.1%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">42.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">7.4%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">5.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">51.5%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">48.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">12.4%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">15.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">27.6%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">25.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">8.6%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">10.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; border-bottom: #BA0C2F 2pt double; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">%
    of net revenue</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">100.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-44.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-47.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-51.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-52.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-45.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-48.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-47.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-47.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-45.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-50.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-39.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-41.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-44.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-47.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Gross profit</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">56.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">52.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">48.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">47.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">54.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">51.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">52.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">53.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">54.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">49.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">60.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">59.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">55.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">52.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">SG&amp;A</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-35.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-31.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-31.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-32.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-34.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-31.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-25.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-22.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-26.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-23.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-42.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-37.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-32.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-28.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">2.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">2.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">3.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">3.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">2.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">2.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">0.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">0.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">0.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-0.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-0.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">-0.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">1.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">1.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Normalized EBIT</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">23.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">23.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">20.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">18.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">22.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">22.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">27.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">30.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">29.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">25.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">17.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">21.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">24.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">24.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">34.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">31.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">29.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">26.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">33.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">31.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">36.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">38.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">37.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">32.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">23.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">27.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">33.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">32.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; border-bottom: #BA0C2F 0.5pt dotted; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959; font-weight: bold; font-style: italic; border-bottom: #BA0C2F 2pt double; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">Per
    hectoliter - (R$/hl)</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #595959; font-weight: bold; border-bottom: #BA0C2F 2pt double; text-align: right; border-top-color: #BA0C2F; border-top-width: 0.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293.6</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330.6</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">12.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">2.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">12.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714.0</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">16.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399.2</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">27.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799.2</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,046.2</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-0.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323.0</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">14.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129.2)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157.9)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">22.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85.3)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89.5)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">4.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117.9)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142.0)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">20.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246.9)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335.7)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">15.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151.6)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200.3)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">35.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312.9)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428.5)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">3.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144.7)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182.5)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">21.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Gross profit</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">5.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.2</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-1.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">5.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378.2</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">17.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182.7</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">21.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617.7</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-3.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199.7</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">9.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">SG&amp;A</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103.3)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102.7)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-0.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51.6)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54.8)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">6.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90.0)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91.6)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">1.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129.6)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158.9)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">3.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86.8)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94.9)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">19.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340.7)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387.0)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-14.0%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104.4)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110.5)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">2.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.0</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">0.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">23.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">5.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-99.9%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.4)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-137.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.9)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.6)</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-49.3%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-7.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Normalized EBIT</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.0</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.2</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">13.4%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.6</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-8.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.6</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">12.2%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143.8</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">29.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.7</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">20.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138.7</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">23.7%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">17.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #595959"><FONT STYLE="font-size: 7pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">4.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">-6.1%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.3</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">4.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">23.6%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125.2</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">17.5%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188.9</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283.1</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">13.8%</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.5</FONT></TD>
    <TD STYLE="color: #595959; text-align: right; background-color: #F2F2F2"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122.4</FONT></TD>
    <TD STYLE="color: #595959; text-align: right"><FONT STYLE="font-size: 7pt">10.9%</FONT></TD></TR>
  </TABLE>

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  <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: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>CONSOLIDATED BALANCE SHEET</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>March 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,090.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,286.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,700.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,049.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637.4 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,303.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,357.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,605.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,698.2 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,759.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,639.2 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,527.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,366.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,024.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,342.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,059.9 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,495.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,362.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,560.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,926.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Taxes receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,695.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,697.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,141.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,127.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341.0 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,768.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,676.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,580.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,363.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,023.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,606.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,854.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96,358.0 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125,196.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133,417.8 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,339.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,816.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542.5 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,738.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,598.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,287.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,454.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,325.0 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,167.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,226.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,549.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,401.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,848.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,543.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,478.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,880.7 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,053.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,428.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,043.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,439.4 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,912.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,863.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,226.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,543.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445.4 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,544.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,806.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,567.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,906.7 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,045.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,787.4 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,899.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,973.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,905.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,897.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64,989.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60,048.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Retained earnings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,220.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,815.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82,044.1 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,335.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,586.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75,151.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83,630.4 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125,196.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133,417.8 </B></FONT></TD></TR>
  </TABLE>
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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: 76%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>CONSOLIDATED INCOME STATEMENT</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;12,602.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;16,639.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,643.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,945.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,959.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,694.4 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,851.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,129.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,555.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,445.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(665.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,234.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;171.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;177.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,058.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,063.7 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(24.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(71.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,034.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,992.3 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,536.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,064.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(6.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(12.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,490.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,915.4 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(279.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(182.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,211.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,733.3 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7.05pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,091.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,625.4 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7.05pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107.9 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Basic earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;0.07 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;0.17 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,227.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,761.9 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized basic earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Normalized diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;0.07 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;0.17 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;15,731.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;15,735.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;15,861.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;15,870.1 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

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


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<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: 80%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>CONSOLIDATED STATEMENT OF CASH FLOWS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q20</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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>1Q21</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: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,211.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,733.3 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;1,174.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;1,263.5 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;53.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;27.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;19.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;26.2 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;1,536.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;1,064.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(27.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(27.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;51.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;105.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;279.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;182.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;6.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;12.5 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(346.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(427.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,959.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,959.4 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;2,665.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;1,464.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,142.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,722.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,518.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(523.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,963.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,178.1 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(133.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(56.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;133.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;54.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;0.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;2.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,421.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,342.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,544.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,836.9 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;30.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;39.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;0.4 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,346.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,327.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(279.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(89.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(2.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(75.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(349.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;5.0 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,670.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,722.9)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;0.5 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">Capital increase in non-controlling</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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;0.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(4.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(38.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;86.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;107.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(46.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(434.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(8.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;54.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(128.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; 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;(225.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; 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;(46.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,241.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,777.8)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Net&nbsp;&nbsp;increase/(decrease) in Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(663.8)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,900.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,090.3 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>Effect of exchange rate fluctuations&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,578.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859.5 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,204.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; color: #4B3A2E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; color: #595959"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,286.1 </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: 29; Options: NewSection -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></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;May 5, 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>
<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">



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end
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</DOCUMENT>
</SEC-DOCUMENT>
