<SEC-DOCUMENT>0001292814-22-000611.txt : 20220224
<SEC-HEADER>0001292814-22-000611.hdr.sgml : 20220224
<ACCEPTANCE-DATETIME>20220224060821
ACCESSION NUMBER:		0001292814-22-000611
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220224
DATE AS OF CHANGE:		20220224

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:		22666312

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>ambevsapr4q21_6k.htm
<DESCRIPTION>AMBEVSAPR4Q21_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>

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of February, 2022</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="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>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 14pt; color: #595959"><B>AMBEV
REPORTS 2021 FOURTH QUARTER AND FULL YEAR RESULTS</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>[1]</SUP></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>&#8220;We ended 2021 consolidating our
record topline performance, with a step change in volumes thanks to market share gains in a growing industry, and Normalized EBITDA back
to double digit growth and above pre-pandemic levels despite unprecedented cost headwinds&#8221; &#8211; Jean Jereissati, CEO</I></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>&nbsp;</I></P>
<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 45%"><p style="font: 14pt/115% Arial, Helvetica, Sans-Serif; color: #595959; margin: 3pt 0 4pt; text-align: justify"><b>Total Volume (organic)</b></p>

<p style="font: 26pt/115% Arial, Helvetica, Sans-Serif; color: #BA0C2F; margin: 3pt 0 4pt; text-align: justify"><b><sup></SUP></B></P>

<P STYLE="font: 20pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify; color: #BA0C2F"><B><SUP>Q4: +0.8% vs LY
FY: +8.8% vs LY</SUP></B></P>
<P STYLE="font: 26pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; color: #BA0C2F; text-align: justify"><B><SUP></sup></b></p>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify">Our international operations grew volumes
by 6.8% in 4Q21: Latin America South (&ldquo;LAS&rdquo;) +8.7%, Canada +4.3% and Central America and the Caribbean (&ldquo;CAC&rdquo;)
+2.5%. Brazil Beer declined 3.1%, impacted by a weak industry and lapping tough 4Q20 comps. Brazil NAB grew 1.9%.</P>

</td>
  <td style="width: 10%">&nbsp;</td>
  <td style="width: 45%"><p style="font: 14pt/115% Arial, Helvetica, Sans-Serif; color: #595959; margin: 3pt 0 4pt; text-align: justify"><b>Net Revenue (organic)</b></p>

<p style="font: 26pt/115% Arial, Helvetica, Sans-Serif; color: #BA0C2F; margin: 3pt 0 4pt; text-align: justify"><b><sup></SUP></B></P>

<P STYLE="font: 20pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify"><FONT STYLE="color: #BA0C2F"><B><SUP>Q4:
+16.2% vs LY</SUP></B></FONT><B><SUP> <FONT STYLE="color: #C00000">FY: +23.7% vs LY</FONT></SUP></B></P>
<P STYLE="font: 26pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; color: #BA0C2F; text-align: justify"><B><SUP></sup></b></p>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 2pt; text-align: justify">Driven by net revenue per hectoliter
(&ldquo;NR/hl&rdquo;) growth of 15.2% in 4Q21. Net revenue grew in all markets: Brazil Beer +5.9%, Brazil NAB +13.9%, LAS<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>[1]
</SUP></FONT>+42.9%, CAC +18.9% and Canada +8.1%.</p>

</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><p style="font: 14pt/115% Arial, Helvetica, Sans-Serif; color: #595959; margin: 3pt 0 4pt; text-align: justify"><b>Normalized EBITDA (organic)</b></p>

<p style="font: 26pt/115% Arial, Helvetica, Sans-Serif; color: #BA0C2F; margin: 3pt 0 4pt; text-align: justify"><b><sup></SUP></B></P>

<P STYLE="font: 20pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify"><FONT STYLE="color: #BA0C2F"><B><SUP>Q4:
-1.7% vs LY</SUP></B></FONT><B><SUP> <FONT STYLE="color: #C00000">FY: +10.9% vs LY</FONT></SUP></B></P>
<P STYLE="font: 26pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; color: #BA0C2F; text-align: justify"><B><SUP></sup></b></p>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify">Normalized EBITDA declined in 4Q21 driven
mainly by impact of FX and commodities prices, higher SG&amp;A, which was affected mostly by higher variable compensation accruals.</P>

</td>
  <td>&nbsp;</td>
  <td><p style="font: 14pt/115% Arial, Helvetica, Sans-Serif; color: #595959; margin: 3pt 0 4pt; text-align: justify"><b>Normalized Profit</b></p>

<p style="font: 26pt/115% Arial, Helvetica, Sans-Serif; color: #BA0C2F; margin: 3pt 0 4pt; text-align: justify"><b><sup></SUP></B></P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #BA0C2F"><B><SUP>Q4: R$ 3,885.1 million</SUP></B></P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #BA0C2F"><B><SUP>FY: R$ 13,472.3 million</SUP></B></P>
<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #BA0C2F"><B><SUP></SUP></B></P>
<P STYLE="font: 26pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; color: #BA0C2F; text-align: justify"><B><SUP></sup></b></p>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify">Normalized profit declined 44.6% versus
R$ 7,008.0 million in 4Q20, mostly due to one-off tax credits in 2020. For FY21 normalized profit totaled R$ 13,472.3 million compared
to R$ 12,104.3 million in FY20 (+11.3%).</P>

</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><p style="font: 11pt/115% Arial, Helvetica, Sans-Serif; color: #4B3A2E; margin: 3pt 0 4pt; text-align: justify"><font style="font-size: 14pt; color: #595959"><b>Cash
flow from operating activities</b></font></p>
      <p style="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; color: #4B3A2E; text-align: justify"><font style="font-size: 14pt; color: #595959"><b></b></font></P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #BA0C2F"><B><SUP>Q4: R$ 11,792.5 million</SUP></B></P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #BA0C2F"><B><SUP>FY: R$ 22,901.0 million</SUP></B></P>
<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #BA0C2F"><B><SUP></SUP></B></P>


<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify">Cash flow from operating activities increased
40.5% compared to R$ 8,393.6 million in 4Q20. For FY21 cash flow from operating activities totaled R$ 22,901.0 million compared to R$
18,855.8 million in FY20 (+21.5%).</P>

</td>
  <td>&nbsp;</td>
  <td><p style="font: 14pt/115% Arial, Helvetica, Sans-Serif; color: #595959; margin: 0; text-align: justify"><b>ESG</b></p>

<p style="font: 11pt/115% Century Gothic; color: #4B3A2E; margin: 0; text-align: justify"><IMG SRC="ambevsapr4q216k_006.jpg" ALT=""></P>
<P STYLE="font: 11pt/115% Century Gothic; margin: 0; color: #4B3A2E; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt/115% Century Gothic; margin: 0; color: #4B3A2E; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt/115% Century Gothic; margin: 0; color: #4B3A2E; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt/115% Century Gothic; margin: 0; color: #4B3A2E; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify">In November 2021, we announced our Net
Carbon Zero ambition for 2040 and we are one of the 45 companies who have joined <I>Mover</I> (<I>Movimento pela Equidade Racial</I>)
in Brazil.</P>

<p style="font: 14pt Arial,sans-serif; margin: 0; color: #595959; text-align: justify"><b></b></p>
</td></tr>
</table>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>&nbsp;</I></P>



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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><SUP>[1]</SUP> The following operating and financial
information, unless otherwise indicated, is presented in nominal Reais and prepared according to the International Financial Reporting
Standards (&#8220;IFRS&#8221;) issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and to the accounting practices
issued by the Brazilian Accounting Standards Committee (&quot;CPC&#8221;) and approved by the Brazilian Securities and Exchange Commission
(&#8220;CVM&#8221;). The information herein should be read together with our financial information for the twelve-month period ended December
31, 2021, filed with the CVM and submitted to the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;).</P>

<P STYLE="color: #4B3A2E; font: 9pt Century Gothic; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><SUP>[2]</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 16).</P>
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<P STYLE="color: #595959; font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 16pt 0 12pt; letter-spacing: 1.05pt; background-color: white; border-bottom: Black 0.5pt solid">MANAGEMENT
COMMENTS</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #595959"><B>Step change in volume level
fueled by a stronger portfolio, and focusing on expansion of tech platforms to meet our customers&#8217; and consumers&#8217; needs </B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The year of 2021 marked another step of our
journey to transform our company. Despite a challenging environment brought by the COVID-19 pandemic, we kept the commercial momentum
built in the second half of 2020 and delivered our main ambitions for the year:</P>

<P STYLE="font: 11pt/115% Century Gothic; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the highest volume performance on record (15 million hectoliters
versus 2020, 17 million hectoliters versus 2019 and more than 8 million hectoliters above 2014, the highest until now),</FONT></P>

<P STYLE="font: 11pt/115% Century Gothic; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Normalized EBITDA growth of 10.9% and above 2019 in nominal
terms and excluding tax credits in Brazil (despite cost pressures from FX devaluation in Brazil and Argentina as well as commodities prices
increase) </FONT></P>

<P STYLE="color: #4B3A2E; font: 11pt Century Gothic; margin: 0 0 4pt 0.5in; text-indent: 0in">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 25%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial highlights - Ambev consolidated</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">50,942.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">51,374.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">165,797.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">180,368.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18,556.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">22,010.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">16.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">58,379.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">72,854.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">24.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">23.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">10,358.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">11,514.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">11.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31,312.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">37,194.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">17.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>55.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>52.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-350 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-360 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>53.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>51.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-250 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-260 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,937.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>6,784.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-24.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-1.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>21,591.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>22,869.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>5.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>10.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>48.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>30.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-1740 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-570 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>37.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>31.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-560 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-350 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>6,890.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,747.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-45.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>11,731.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>13,122.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>11.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>7,008.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,885.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-44.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>12,104.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>13,472.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>11.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>0.43&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>0.23&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-46.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>0.72&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>0.81&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>11.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><B>Normalized EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>0.44&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>0.24&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-45.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>0.75&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>0.83&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>10.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><B>Note:</B> Earnings per share calculation
is based on outstanding shares (total existing shares excluding shares held in treasury).</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; text-align: left"><BR STYLE="clear: both">
The FY21 updated rolling 12-month (&#8220;R12M&#8221;) volumes for every quarter since 1Q11, shows we have changed levels of our consolidated
volumes, which have significantly recovered since 3Q20, and in 4Q21 achieved 180 million hectoliters. This reflects the continued success
of our strategy, the attractiveness of our brand portfolio, and our investments in the long-term growth of our business:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; text-align: center"><IMG SRC="ambevsapr4q216k_001.gif" ALT="" STYLE="height: 340px; width: 812px"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">In 4Q21, net revenue grew by 16.2% on top of
another challenging comparable, achieving 33.2% when compared to 4Q19. Volumes grew by 0.8% versus 4Q20 and 8.6% versus 4Q19, with eight
of our top-ten markets once again growing above 2019. NR/hl grew 15.2% driven by premiumization, innovation and revenue management initiatives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">The charts below show our main beer market volume
growths for 4Q21 and FY21 versus 2020:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4pt; text-align: center"><IMG SRC="ambevsapr4q216k_008.jpg" ALT=""></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify; color: #595959"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify; color: #595959"><B>ESG</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify">Last year showed the ever growing importance
we have been giving to ESG. The majority of our Executive Officers had an ESG-related target, and in 2022 all members of our Executive
Board have an ESG-related, what represents an important step towards integration ESG in our business strategy.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify; color: #595959"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify; color: #595959"><B>ENVIRONMENTAL</B></P>

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

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">We announced our ambition to achieve Net Zero
for our operations by 2030 and for our value chain by 2040. There is a clear roadmap in place and it is publicly available on our ESG
website. We have mapped initiatives and opportunities for the following segments: Agriculture, Processing, Packaging, Operations, Logistics,
Cooling and End of life.</P>

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

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">In September, we announced the first carbon
neutral large brewery and malt plant in Brazil: Ponta Grossa Brewery and Passo Fundo Malt Plant. These two plants reached 90% reduction
of CO2 emissions and had the remaining 10% emissions neutralized via carbon credits, reducing approximately 9,700 tons of CO2 annually,
the equivalent to removing 1,300 cars from the streets of Brazil. We have also reached 100% renewable energy for our breweries in Panama,
the Dominican Republic and Guatemala. This is part of our larger decarbonization plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><I>Scope 3 advancements</I></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">There are many initiatives in place to decarbonize
our value chain operations, related to scope 3. In 2021, we successfully implemented 20 solar plants in our Distribution Centers throughout
Brazil and we plan to have 26 more by the end of 2022. We also have over 100 electric trucks already operating in Brazilian major cities
and plan to have 500 by 2022. In addition, we converted 70% of our refrigerators into eco coolers, which are more efficient in terms of
cooling and use of electricity. Through our partnership with Lemon in Brazil, we reached a total of 1,800 POCs connected to renewable
electricity, with GHG (Greenhouse Gases) emissions reductions and economic savings for these vendors.</P>

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

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

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The table below shows the updated status of the
main KPIs related to our sustainability goals for 2025 (as of December 2021), for which we have made good progress.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 42%; border-top: white 1pt solid; border-bottom: Black 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>BRAZIL</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>LAS</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>CAC</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>CANADA</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>AMBEV</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Goal<BR>
2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Status<BR>
2021</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>WATER</B></FONT><B><FONT STYLE="font-size: 5pt; color: #595959"><BR>
Steward.</FONT></B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 6pt; color: #595959"><B>Watersheds &amp; Forests</B><BR>
(High risk sites in implementation phase as per 7-Step charter<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>[3]</SUP></FONT>)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt">75%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>92%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; color: #595959"><B>AMA</B></P>
    <P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; color: #595959">(Number of people benefitted)</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt">339,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>339,000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">1,000,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #595959"><B>CLIMATE</B></P>
    <P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #595959"><B>ACTION</B></P></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 6pt; color: #595959"><B>Renewable energy</B><BR>
(% of total electric energy contracted)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">90.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">90.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">16.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">33.2%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>84.2%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 6pt; color: #595959"><B>GHG emission &#8211; Intensity (kg CO2e/Hl)</B><BR>
(% reduction of CO2 emissions versus baseline (2017); Scope 1, 2 and 3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">4.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">21.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">55.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">-5.9%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>12.1%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">25.0%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 6pt; color: #595959"><B>GHG emission &#8211; Intensity (kg CO2e/Hl)</B><BR>
(% reduction of CO2 emissions versus baseline (2017); Scope 1 and 2 &#8211; Owned Operations)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">44.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">35.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">64.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">26.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>41.1%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>CIRCULAR<BR>
PACKAGING</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 6pt; color: #595959"><B>Glass</B><BR>
(% of glass used that was recycled)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">48.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">38.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">53.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">34.8%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>45.2%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">&#8805; 50.1%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>On Track</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 6pt; color: #595959"><B>Aluminum</B><BR>
(% of aluminum used that was recycled)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">75.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">74.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">47.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">69.5%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>74.3%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">&#8805; 50.1%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 6pt; color: #595959"><B>Plastic (PET)</B><BR>
(% of plastic used that was recycled)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">22.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">15.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">0.0%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>17.2%</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">&#8805; 50.1%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Worse</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 6pt; color: #595959"><B>Plastic Commitment</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">31.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>31.2%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>On Track</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>SUSTAINABLE AGRICULTURE</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 6pt; color: #595959"><B>Skilled producers</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>[4]</SUP></FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">60.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">76.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>70.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 6pt; color: #595959"><B>Connected producers</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>[5]</SUP></FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">78.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">88.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>84.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 6pt; color: #595959"><B>Financially empowered producers</B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>[6]</SUP></FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">69.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>88.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 6pt; color: #595959"><B>Better</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify; color: #595959"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify; color: #595959"><B>SOCIAL</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">In 2021, we selected 500 social organizations
to participate in VOA (our corporate volunteering program aimed at sharing knowledge between our management and social organizations),
which translated into over 5 thousand volunteering employees.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">As our water stewardship increased in our
operations, we embraced the challenge of helping those without access to clean water which resulted in the creation of AMA, our social
impact platform. In 2021, we expanded the project&#8217;s reach in Brazil to provide access to water for people in large urban centers,
in partnership with Deep, impacting over 90 thousand people in the first year. The platform has now positively impacted the lives of 339
thousand people by providing access to water. This is just the first step to reach our goal of 1 million people by 2025.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Lastly, through our Racial Diversity Committee,
which has Adriana Barbosa, Liliane Rocha, &Iacute;tala Herta and Helio Santos as members, we expanded the number of suppliers led by black
people within our system, empowering over 500 new suppliers in 2021. We are now broadening the scope of our Committee to encompass gender
diversity, reaffirming our commitment to foster diversity and inclusion both internally and in our ecosystem.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 3pt 0 4pt; text-align: justify; color: #595959"><B>GOVERNANCE</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">In line with our strategy and cultural transformation,
we now have three new members on our Board: Claudia Quintella Woods, Lia Machado de Matos and Fabio Colleti Barbosa. They joined our board
with a different set of skills and experience, helping to bring new perspectives to our strategy and decision-making process. We also received the Women on Board recognition, an initiative supported by the UN, with 18% of female representation on our Board of
Directors.</P>

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


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

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

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

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

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

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

<P STYLE="font: 14pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #595959"><FONT STYLE="letter-spacing: 1.05pt"><B>2022
OUTLOOK</B></FONT></P>

<P STYLE="font: 14pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #595959"><FONT STYLE="letter-spacing: 1.05pt"><B></B></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Despite our recovery last year, there is more
to be done in 2022. We remain confident in our team, the operational excellence shown in the last two years and our strategy. We want
to (1) lead and grow the category, (2) digitize and monetize our ecosystem, as well as (3) optimize our business. To get there, we will
continue to focus on<FONT STYLE="line-height: 115%">:</FONT></P>
<P STYLE="font: 14pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify; color: #595959"><FONT STYLE="letter-spacing: 1.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; text-align: center"><BR STYLE="clear: both"><IMG SRC="ambevsapr4q216k_009.jpg" ALT=""></P>

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

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">We expect COVID-19 to continue bringing challenges
and short-term volatility. For instance, rising inflationary pressure on disposable income impacted the industry during H2 2021 in different
countries, and the Omicron variant impacted several markets during the holiday season and well into January, which combined should lead
to a tougher start to the year. Moreover, COVID-19 has also led to sustained input cost pressures in 2022, which although less pronounced
than in 2021, still poses a challenge to be overcome. Our average hedge rate for the BRL versus the USD for 2022 is 5.39 (+2.1%), and
we are facing unprecedented commodity inflation. As a result, we expect our Cash COGS per hectoliter in Brazil Beer to increase between
16-19% (excluding non-Ambev marketplace products and assuming current commodity prices).</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">However, we will work to deliver organic Normalized
EBITDA growth in 2022 ahead of our 2021 performance on a consolidated basis. Consistent execution of our commercial strategy and seizing
opportunities to activate demand will be key to once again deliver top line performance ahead of bottom-line recovery, with net revenue
growth driven more by net revenue per hl performance than volume growth.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">From a geographical standpoint, given the
scenario above, both Brazil Beer and Brazil NAB should resume Normalized EBITDA growth in 2022, while Latin American South, CAC and Canada
should continue to contribute to overall performance improvement. In CAC and LAS, the focus remains on premiumization (with our portfolio
well positioned to lead through our core plus and premium brands) and scaling up tech platforms like BEES in countries such as Argentina,
Paraguay and Panama. In Canada we aim to maintain momentum of our core business with focus on the above core performance, while continuing
to grow our beyond beer portfolio.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The outlook for 2022 reflects our current
assessment of the scale and magnitude of the COVID-19 pandemic, which is subject to change as we continue to monitor ongoing developments.</P>

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

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

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


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

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

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

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

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-align: justify; color: #595959"><B>Beer Brazil<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>[7]</SUP></FONT>:
Despite weak industry in 4Q21 commercial strategy continuing to work and on-trade reopening translated into market share gains according
to our estimates </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0E101A; font: 11pt/115% Century Gothic; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating performance: </B>According
to our estimates, we once again outperformed the industry this quarter. However, given high single-digit industry decline, volumes fell
by 3.1% versus 4Q20 (+8.4% vs 4Q19). Our top line momentum was also evidenced by NR/hl growing 9.3%, due to price increase, revenue management
initiatives and favorable mix lapping a tough comp. Normalized EBITDA fell by 19.6% as top-line growth was offset by anticipated transactional
FX and commodity headwinds, variable compensation accruals, and sales and marketing investments. In FY21, our volumes grew by 7.1%, Net
revenue increased by 17.7%, with a NR/hl growth of 9.8%, but Normalized EBITDA fell by 7.4%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book; margin-top: 11.85pt; margin-bottom: 6pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; line-height: 115%">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Commercial highlights: </B><FONT STYLE="line-height: 115%">our
brand health gained equity vs LY in the above core segments, led by Brahma Duplo Malte. Innovations continued to represent over 20% of
revenues in the quarter, over-indexing share in total beer industry innovations. In FY21, our premium brand volumes grew 13%, with Original
and Chopp Brahma growing double digits, driven by the reopening of the on-trade, together with double digit growth of Beck&#8217;s, Corona
and Stella Artois. Core plus also continued to grow and now represents above 10% of our volume mix. We already reach more than 85% of
our active customers via BEES, while we once again reached all-time high beer buyers and NPS. Z&eacute; Delivery achieved 17 million orders
in 4Q21 and positive unit economics. Donus TPV grew 3x versus 3Q21 as we expanded by approximately 50% our customer base in 4Q21.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 6pt"><B>Beer Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 6pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">26,411.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(826.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">25,585.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-3.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-3.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">8,719.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">513.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">9,232.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">5.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">5.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">330.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">30.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">360.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">9.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(3,671.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(760.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(4,431.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">20.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">20.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(139.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(34.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(173.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">24.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">24.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(3,319.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(705.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(4,025.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">21.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">21.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(125.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(31.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(157.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">25.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">25.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>5,048.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(247.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>4,801.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-4.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-4.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>57.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>52.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-590 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-590 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(2,033.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(575.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(2,608.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">28.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">28.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(314.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">33.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(280.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-10.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-10.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(2,347.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(541.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(2,889.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">23.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">23.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">1,972.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(1,860.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">79.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">191.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-90.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">53.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 6pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>4,673.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(1,860.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(708.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>2,103.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-55.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-24.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>53.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>22.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-3080 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-950 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>5,338.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(1,860.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(688.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>2,789.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-47.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-19.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 6pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>61.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>30.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-3100 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-970 bps</I></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 6pt"><B>Beer Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>YTD21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 6pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">84,791.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">6,043.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">90,835.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">7.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">7.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">25,953.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">4,584.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">30,537.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">17.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">17.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">306.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">30.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">336.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">9.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">9.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(11,941.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(3,440.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(15,382.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">28.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">28.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(140.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(28.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(169.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">20.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">20.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(10,611.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(3,247.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(13,859.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">30.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">30.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(125.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(27.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(152.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">21.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">21.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>14,011.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>1,143.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>15,155.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>8.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>8.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>54.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>49.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-440 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-440 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(6,709.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(2,163.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(8,873.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">32.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">32.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(1,223.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">121.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(1,102.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-9.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-9.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(7,933.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(2,042.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(9,975.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">25.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">25.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">2,380.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(812.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">143.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">1,711.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-28.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">25.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 6pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>8,458.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(812.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(755.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>6,890.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-18.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-11.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>32.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>22.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-1000 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-630 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>11,011.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(812.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(683.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>9,515.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-13.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-7.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 6pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>42.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>31.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-1120 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-760 bps</I></FONT></TD></TR>
  </TABLE>

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

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt"><SUP>[7]</SUP></FONT> <FONT STYLE="font-size: 7pt">The
scope change in Brazil Beer refers to tax credits and related effects, which were recognized in 4Q20 (R$ 1.824 million) and in 4Q21 (-R$
36 million)</FONT></P>
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<P STYLE="color: #595959; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 16pt 0 10pt; letter-spacing: 1.05pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">NAB
Brazil<B><SUP>[8]</SUP></B>: positive volume performance driven by a consistent commercial strategy supported by BEES and our premium
brands portfolio</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book; margin-top: 11.85pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #0E101A; line-height: 115%">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #0E101A; line-height: 115%"><B>Operating
performance: </B>Continued recovery of our non-alcoholic business, with net revenue growing 13.9% versus 4Q20 and 24.1% versus 4Q19. Volume
grew 1.9%, thanks to market share gains according to our estimates. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; line-height: 115%">NR/hl
<FONT STYLE="color: #0E101A">increased by 11.7%, driven by revenue management initiatives and favorable brand mix, supported by the gradual
recovery of mobility. Normalized </FONT></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #0E101A">EBITDA, however,
declined by 20.0%, as strong top-line growth was offset by the anticipated transactional FX and commodity headwinds, as well as variable
compensation accrual</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; line-height: 115%">. In FY21, our volumes grew by 8.3%.
Net revenue increased by 19.0%, with a NR/hl growth of 9.9%, and Normalized EBITDA declined by 12.3%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book; margin-top: 11.85pt; margin-bottom: 6pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Commercial highlights: </B>NAB portfolio continued
to benefit from BEES adoption by our clients, allowing us to reach an all-time high number of buyers. Our premium brands and single-serve
packaging volumes also grew through Gatorade, energy drinks and H2OH!, driving positive brand mix. As we had previously announced, Guaran&aacute;
Antarctica turned 100 years and as of December 2021, more than 95% of its bottles are made of recycled material.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>NAB Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8,309.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">161.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">8,470.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,412.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">196.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">1,609.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">13.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">13.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">170.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">19.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">190.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">11.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">11.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(687.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(219.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(906.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(82.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(24.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(107.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">29.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">29.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(637.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(216.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(853.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">33.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">33.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(76.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(24.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(100.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>725.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(22.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>702.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-3.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-3.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>51.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>43.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-770 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-770 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(360.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(78.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(438.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">21.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">21.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(49.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(39.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-19.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-19.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(410.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(68.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(478.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">16.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">16.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">382.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(303.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">77.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-79.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-2.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>697.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(303.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(93.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>301.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-56.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-23.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>49.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>18.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-3070 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-930 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>798.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(303.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(100.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>394.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-50.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-20.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>56.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>24.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-3200 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-1060 bps</I></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>NAB Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">26,493.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,201.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">28,695.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">4,243.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">805.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">5,049.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">19.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">19.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">160.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">15.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">176.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,171.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(755.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(2,927.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">34.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">34.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(82.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(20.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(102.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">24.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">24.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,977.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(741.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(2,718.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">37.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">37.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(74.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(20.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(94.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">26.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">26.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,072.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>50.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,122.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>48.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>42.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-680 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-680 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,215.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(230.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,445.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">19.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">19.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(167.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(148.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-11.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-11.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,382.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(211.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,594.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">15.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">15.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">506.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(132.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">10.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">384.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-24.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">5.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,196.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(132.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(151.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>912.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-23.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-16.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>28.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>18.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-1010 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-640 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,557.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(132.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(155.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,270.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-18.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-12.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>36.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>25.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-1150 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-780 bps</I></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A"></P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt"><SUP>[8]</SUP></FONT> <FONT STYLE="font-size: 7pt">The
scope change in Brazil NAB refers to tax credits and related effects, which were recognized in 4Q20 (R$ 297 million) and in 4Q21 (-R$
6 million)</FONT></P>
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<P STYLE="color: #595959; font: bold 14pt/115% Arial, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; background-color: white; border-bottom: Black 0.5pt solid">BRAZIL<FONT STYLE="letter-spacing: 1.05pt"><B><SUP>[9]</SUP></B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">34,721.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(665.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">34,056.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-1.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-1.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">10,132.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">709.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">10,841.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">7.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">7.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">291.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">26.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">318.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(4,358.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(979.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(5,337.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">22.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">22.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(125.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(31.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(156.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">24.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">24.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3,956.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(922.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,878.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">23.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">23.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(114.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(29.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(143.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">25.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">25.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,773.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(269.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,503.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-4.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-4.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>57.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>50.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-620 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-620 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,393.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(653.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(3,046.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">27.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">27.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(364.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">43.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(320.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-12.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,757.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(609.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(3,367.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">22.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">22.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,355.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,164.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">77.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">268.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-88.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">33.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,370.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(2,164.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(802.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,404.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-55.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-24.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>53.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>22.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-3080 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-950 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>6,137.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(2,164.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(788.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,184.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-48.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-19.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>60.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>29.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-3120 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-980 bps</I></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">111,285.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8,245.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">119,530.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">7.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">7.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">30,196.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">5,390.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">35,586.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">17.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">17.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">271.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">26.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">297.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(14,112.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(4,196.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(18,309.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">29.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">29.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(126.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(26.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(153.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">20.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">20.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(12,588.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3,988.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(16,577.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(113.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(25.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(138.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">22.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">22.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>16,083.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,193.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>17,277.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>7.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>7.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>53.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>48.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-470 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-470 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(7,925.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,393.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(10,319.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">30.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">30.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,390.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">139.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,250.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-10.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-10.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(9,315.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,254.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(11,569.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">24.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,887.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(944.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">153.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">2,096.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-27.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">20.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>9,655.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(944.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(906.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>7,803.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-19.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-12.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>32.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>21.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-1010 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-640 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>12,569.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(944.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(838.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>10,786.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-14.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-8.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>41.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>30.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-1130 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-760 bps</I></FONT></TD></TR>
  </TABLE>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt"><SUP>[9]</SUP></FONT> <FONT STYLE="font-size: 7pt">The
scope change in Brazil refers to tax credits and related effects, which were recognized in 4Q20 (R$ 2,121 million) and in 4Q21 (-R$ 43
million)</FONT></P>

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</P>

<P STYLE="color: #595959; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 16pt 0 10pt; letter-spacing: 1.05pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Central
America and the Caribbean (CAC): consistent top-line recovery sustained through premiumization across all markets and BEES expansion </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book; margin-top: 11.85pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #0E101A">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #0E101A"><B>Operating performance: </B>Net
revenue increased by 18.9% driven by revenue management initiatives and premiumization translated into a 16.0% NR/hl growth. Volumes also
grew by 2.5%. SG&amp;A expenses increased by 17.9% due to higher S&amp;M investments given low comparable in 4Q20. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
FY21, our volumes grew by 17.0%. Net revenue increased by 31.1%, with a NR/hl growth of 12.0% and Normalized EBITDA grew by 23.1%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book; margin-top: 11.85pt; margin-bottom: 6pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Commercial highlights: </B>Above core brands
once again outperformed our portfolios in most CAC markets, gaining relevance through Corona and Michelob Ultra. Modelo, our core plus
brand, continued expanding its presence, especially in the Dominican Republic. BEES represents 90% of Dominican Republic&#8217;s top-line
and has reached more than 90% of fully digital POCs. 3<SUP>rd</SUP> party products offerings continue to expand in the country and Panama
has also begun rolling out the service. </FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>CAC</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">3,508.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">87.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">3,595.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,442.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">24.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">461.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">2,929.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">19.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">696.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">6.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">111.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">814.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">17.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">16.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,067.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(11.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(359.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,438.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">34.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">33.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(304.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(92.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(400.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">30.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(951.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(9.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(339.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,300.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">36.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">35.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(271.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(87.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(361.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">33.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">32.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,374.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>13.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>102.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,491.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>8.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>7.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>56.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>50.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-540 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-540 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(395.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(93.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(490.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">23.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(72.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(63.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-12.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-13.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(467.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(83.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(554.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">17.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(4.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">7.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">2.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-158.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-160.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>902.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>10.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>26.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>939.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>37.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>32.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-490 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-500 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,091.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>12.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>36.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,140.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>3.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>44.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>38.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-580 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-590 bps</I></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>CAC</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">11,451.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,950.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">13,401.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">17.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">17.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">7,319.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">349.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,278.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">9,947.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">35.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">639.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">26.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">77.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">742.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">16.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">12.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3,307.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(163.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,256.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,727.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">42.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">38.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(288.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(12.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(51.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(352.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">22.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">17.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,881.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(147.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,246.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,275.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">48.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">43.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(251.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(11.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(56.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(319.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">26.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">22.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4,011.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>186.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,021.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,219.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>30.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>25.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>54.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>52.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-230 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-240 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,343.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(66.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(359.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,768.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">26.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(255.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(8.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">39.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(224.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-15.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,598.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(74.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(320.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,993.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">24.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">20.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(23.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">35.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">12.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-152.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-150.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,389.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>112.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>736.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,238.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>35.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>30.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>32.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>32.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,070.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>136.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>708.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,915.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>27.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>23.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>41.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>39.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-250 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-250 bps</I></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A"><B>&nbsp;</B></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;<IMG SRC="ambevsapr4q216k_007.jpg" ALT=""></TD></TR></TABLE></DIV>
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<P STYLE="color: #595959; font: bold 13pt Century Gothic; margin: 16pt 0 10pt; letter-spacing: 1.05pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt">Latin
America South (LAS)</FONT><FONT STYLE="font-family: Century Gothic,sans-serif; font-size: 13pt; letter-spacing: 0pt"><B><SUP>[10]</SUP></B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt">:
record volume levels and strong NR/hl driven by revenue management and brand mix leading to Normalized EBITDA margin expansion</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book; margin-top: 11.85pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #0E101A">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #0E101A"><B>Operating performance: </B>volumes
grew 8.7%, resulting in all-time high volume performance in a quarter, driven by good performances from our Argentina, Chile and Paraguay
businesses, while Bolivia still struggled through a 4<SUP>th</SUP> COVID-19 wave. Once again, growth of our above core brands, especially
in Argentina and Chile, coupled with revenue management initiatives, led to </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NR/hl
<FONT STYLE="color: #0E101A">growth of 31.4%. Top-line performance helped offset cost pressures, leading to gross margin and Normalized
EBITDA margin expansion versus both 4Q20 and 3Q21. </FONT>In FY21, our volumes grew by 13.5%. Net revenue increased by 51.2%, with a NR/hl
growth of 33.2%, and Normalized EBITDA grew by 66.3% with margin expansion. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book; margin-top: 11.85pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #0E101A">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #0E101A"><B>Commercial highlights:</B>
In Argentina, we estimate to have gained market share amid a growing industry. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brand
health <FONT STYLE="color: #0E101A">also continued to grow as we successfully launched Quilmes Doble Malta and Andes Origen IPA Roja.
In Chile, our partnership with Coca-Cola bottlers resulted in record number of clients and a strong growth of Corona, Chile&#8217;s preferred
brand. We continued the successful expansion of BEES in Paraguay and Argentina, where most of our direct distribution is fully digital.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt"><B>LAS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">10,486.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">915.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">11,402.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">3,620.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">767.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(433.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,685.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">5,640.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">55.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">42.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">345.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">67.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(26.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">108.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">494.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">43.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,833.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(327.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">189.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(692.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(2,664.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">45.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">35.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(174.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(28.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">12.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(42.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(233.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">33.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">24.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,633.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(275.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">168.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(703.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(2,442.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">49.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">40.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(155.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(24.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">10.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(44.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(214.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">37.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">28.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,787.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>440.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(244.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>993.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,976.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>66.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>51.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>49.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>52.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>340 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>280 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(813.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(201.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">116.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(432.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,331.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">63.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">48.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(71.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(17.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">6.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(40.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(122.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">71.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">48.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(885.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(219.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">123.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(473.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,453.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">64.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">48.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(94.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(4.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">131.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">31.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-133.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-132.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>807.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>219.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(124.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>651.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,554.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>92.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>74.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>22.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>27.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>530 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>490 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,079.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>290.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(152.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>680.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,897.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>75.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>57.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>29.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>33.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>380 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>310 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt"><B>LAS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">33,062.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">4,449.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">37,511.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">13.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">13.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">11,560.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(902.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">5,913.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">16,571.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">43.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">51.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">349.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(24.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">116.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">441.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">26.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">33.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(5,937.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">341.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,639.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(8,235.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">38.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">44.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(179.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(49.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(219.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">22.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">27.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(5,165.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">287.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,527.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(7,405.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">43.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">48.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(156.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">7.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(48.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(197.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">26.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">31.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,623.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(561.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,273.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,335.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>48.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>58.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>48.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>50.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>170 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>230 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,907.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">267.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,378.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,018.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">38.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">47.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(325.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">25.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(66.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(366.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">12.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">20.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3,233.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">292.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,444.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,384.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">35.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">44.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(159.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">198.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">38.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-124.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-124.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,230.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(267.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,027.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,989.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>78.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>90.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>19.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>24.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>480 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>510 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,328.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(347.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,206.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,186.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>55.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>66.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>28.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>31.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>250 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>290 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A"><B>&nbsp;</B></P>


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

<P STYLE="color: #4B3A2E; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt; color: #4B3A2E"><SUP>[10]</SUP></FONT>
<FONT STYLE="font-size: 7pt; color: windowtext">Reported numbers are presented applying Hyperinflation Accounting for our Argentinean
operations, as detailed on page 16.</FONT></P>
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;<IMG SRC="ambevsapr4q216k_005.jpg" ALT=""></TD><TD STYLE="text-align: right; width: 50%">&nbsp;Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0E101A"><B></B></P>

<P STYLE="color: #595959; font: bold 13pt Century Gothic; margin: 16pt 0 10pt; letter-spacing: 1.05pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt">Canada</FONT><FONT STYLE="font-family: Century Gothic,sans-serif; font-size: 13pt; letter-spacing: 0pt"><B><SUP>[11]</SUP></B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; letter-spacing: 0pt">:
Solid NR/hl and volume performance helped to partially offset costs impacts driven by commodities, variable compensation accrual and commercial
expenses timing</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book; margin-top: 11.85pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #0E101A; line-height: 115%">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #0E101A"><B>Operating performance: </B><FONT STYLE="line-height: 115%">strong
4Q21 beer and beyond beer industry volumes led to </FONT>a 4.3% volume growth<FONT STYLE="line-height: 115%">. NR/hl also had a solid
performance, growing 3.7%, leveraging on our revenue management initiatives. However, Normalized </FONT>EBITDA fell 7.2% through a combination
of commodity headwinds and SG&amp;A expense timing versus 2020. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In FY21,
our volumes fell by 0.8%. However, Net revenue increased by 2.4%, with a NR/hl growth of 3.3%, and Normalized EBITDA also grew by 1.5%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book; margin-top: 11.85pt; margin-bottom: 6pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Commercial highlights: </B>the trade up trend
towards premium was fueled by Corona and Stella Artois, coupled with Michelob Ultra driving the core plus segment growth. Also, we have
continued to expand our beyond beer portfolio with Mike&#8217;s Hard Watermelon and have begun to offer Corona Draught as the on premise
reopens. </FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Canada</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,225.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">95.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">2,321.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">4.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">4.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,361.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">45.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">191.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">2,600.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,060.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">19.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">38.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">1,120.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">3.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(938.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(18.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(99.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,056.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">12.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">10.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(421.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(7.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(25.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(455.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">6.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(865.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(16.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(101.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(984.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">13.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">11.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(388.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(7.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(27.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(424.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">7.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,423.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>27.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>91.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,543.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>8.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>6.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>60.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>59.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-90 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-100 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(885.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(13.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(38.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(113.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,050.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">12.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(64.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(67.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">4.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(950.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(13.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(40.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(114.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,118.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">17.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">12.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(21.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(2.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-111.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-112.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>491.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(12.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(12.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(43.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>423.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-13.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-8.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>20.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>16.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-450 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-320 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>629.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(12.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(8.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(45.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>562.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-10.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>-7.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>26.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>21.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-510 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-380 bps</I></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Canada</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><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: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9,998.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">6.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(81.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">9,924.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-0.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-0.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9,302.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,210.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">226.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">10,748.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">15.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">930.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">121.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">30.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">1,083.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">16.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">3.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3,708.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(5.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(493.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(179.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,386.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">4.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(370.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(49.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(21.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(442.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">19.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">5.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3,453.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(5.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(460.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(171.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,090.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">5.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(345.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(46.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(20.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(412.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">19.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">5.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,594.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>3.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>716.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>47.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>6,361.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>13.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>0.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>60.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>59.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-90 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-90 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3,201.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(22.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(409.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(21.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(3,654.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">14.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(218.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(27.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">3.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(243.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">11.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-1.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3,420.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(22.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(436.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(18.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(3,897.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">13.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(24.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">4.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(23.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-16.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,149.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(18.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>277.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>33.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,441.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>13.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>23.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>22.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-40 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-20 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,623.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(17.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>337.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>38.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,981.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>13.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>28.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><I>27.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-50 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><I>-30 bps</I></FONT></TD></TR>
  </TABLE>

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

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

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


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

<P STYLE="color: #4B3A2E; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: #4B3A2E"><SUP>[11]</SUP></FONT>
<FONT STYLE="font-size: 7pt; color: windowtext">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. It also refers to the joint venture named Fluent Beverages which
researches and commercializes, within Canada only, non-alcoholic beverages containing tetrahydrocannabinol (THC) and cannabidiol (CBD),
both derived from cannabis.</FONT></P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt"><B>Ambev</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 6pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">50,942.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">432.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">51,374.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">0.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">0.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">18,556.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">2.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">838.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(433.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">3,047.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">22,010.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">18.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">16.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">364.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">0.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">16.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(7.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">55.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">428.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">17.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">15.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(8,197.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(0.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(357.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">189.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(2,129.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(10,496.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">28.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">25.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(160.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(0.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(7.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">3.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(39.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(204.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">27.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">24.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(7,406.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(1.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(301.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">168.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(2,066.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(9,607.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">29.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">27.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(145.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(0.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(5.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">2.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(38.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(187.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">28.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">26.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>10,358.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>1.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>481.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(244.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>917.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>11,514.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>11.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>8.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>55.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>52.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-350 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-360 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(4,487.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(13.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(242.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">116.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(1,292.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(5,919.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">31.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">28.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(572.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(20.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">6.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">12.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(573.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-2.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(5,060.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(13.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(262.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">123.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(1,280.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(6,493.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">28.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">24.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">2,275.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(2,164.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(0.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(4.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">194.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">300.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-86.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">130.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 6pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>7,573.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(2,176.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>217.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(124.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(168.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>5,321.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-29.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-3.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>40.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>24.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-1660 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-480 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Exceptional items above EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(140.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(8.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">0.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(6.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(155.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">10.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">4.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">1,040.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(987.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-194.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(9.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(74.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(1,573.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(357.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-77.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>6,890.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>3,747.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-45.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>6,786.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>3,607.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-46.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">104.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">139.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">33.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>7,008.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>3,885.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-44.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>6,901.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>3,745.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-45.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>8,937.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(2,176.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>293.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(152.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(117.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>6,784.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-24.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>-1.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 6pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>48.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>30.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-1740 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-570 bps</I></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; 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: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt"><B>Ambev</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>YTD21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 6pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">165,797.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">6.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">14,563.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">180,368.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">8.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">8.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">58,379.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">9.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">657.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">13,808.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">72,854.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">24.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">23.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">352.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">0.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">3.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">48.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">403.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">14.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">13.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(27,066.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(5.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(315.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(8,272.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(35,659.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">31.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">30.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(163.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(0.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(1.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(32.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(197.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">21.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">20.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(24,089.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(5.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(320.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(7,933.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(32,348.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">34.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">32.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(145.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(0.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(1.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(32.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(179.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">23.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">22.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>31,312.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>3.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>341.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>5,536.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>37,194.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>18.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>17.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>53.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>51.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-250 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-260 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(15,377.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(22.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(208.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(4,152.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(19,760.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">28.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">27.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(2,190.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(10.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">115.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(2,085.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-4.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-5.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(17,568.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(22.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(218.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(4,036.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(21,845.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">24.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">23.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">2,679.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(945.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(1.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">391.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">2,124.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-20.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">70.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 6pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>16,424.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(963.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>121.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>1,890.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>17,473.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>6.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>13.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><I>% Normalized Operating Profit margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>28.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>24.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-410 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-210 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Exceptional items above EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(452.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">6.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">53.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(392.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-13.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-11.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(2,434.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(3,205.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">31.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(43.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(115.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">167.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(1,762.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(636.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">-63.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>11,731.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>13,122.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>11.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>11,379.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>12,671.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>11.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">352.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">451.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">28.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>12,104.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>13,472.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>11.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>11,745.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>13,019.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>10.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>21,591.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>(962.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>127.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>2,113.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>22,869.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>5.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>10.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 6pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>37.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><I>31.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-560 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><I>-350 bps</I></FONT></TD></TR>
  </TABLE>

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

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


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

<P STYLE="color: #595959; font: bold 14pt/115% Arial, 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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Other operating income/(expenses)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Government grants/NPV of long term fiscal incentives</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">254.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">273.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">735.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">853.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Credits/(debits) taxes extemporaneous</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,121.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">0.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,121.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">1,219.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">(Additions to)/reversals of provisions </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(36.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(43.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(70.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(71.4)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Gain/(loss) on disposal of fixed assets, intangible assets and operations in associates</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">49.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">47.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">27.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">66.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(113.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">22.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(135.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">57.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><B>Other operating income/(expenses)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,275.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>300.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,679.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,124.1&nbsp;</B></FONT></TD></TR>
  </TABLE>

<P STYLE="color: #595959; font: bold 14pt/115% Arial, 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 actions taken to ensure the health and safety of our employees, such
as the acquisition of hand-sanitizer, masks and enhanced 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.<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Exceptional Items</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Costs from business combination</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(0.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(18.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Restructuring</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(52.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(44.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(146.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(165.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">IAS 29/CPC 42 (hyperinflation) application effect</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(5.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(4.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(9.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(11.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COVID-19 impact</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(80.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(25.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(263.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(134.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(0.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(14.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Distribution agreement <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(82.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(82.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><B>Exceptional Items</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>(140.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt"><B>(155.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>(452.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt"><B>(392.8)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">
<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">(i) Refers to the distribution agreement with our strategic partner
in Guatemala.</P>

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


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

<P STYLE="color: #595959; font: bold 14pt/115% Arial, 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">Net finance results
in 4Q21 decreased by R$ 2,028.5 million compared to 4Q20, broken down as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-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; color: #4B3A2E">&middot;</FONT></TD><TD STYLE="text-align: justify">Interest income totaled R$ 301 million, mainly explained by: (i) interest income on cash balance investments
mainly in Brazil of R$ 177 million, and (ii) interest rate update on Brazil tax credits of R$ 92 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-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">&middot;</FONT></TD><TD STYLE="text-align: justify">Interest expense totaled R$ 442 million, mainly impacted by: (i) fair value adjustments of payables as
determined by IFRS 13 (CPC 46) of R$ 228 million, (ii) fiscal incentives interest accruals of R$ 51 million, (iii) CND put option interest
accruals of R$ 43 million, and (iv) lease liabilities interest accruals of R$ 26 million in accordance with IFRS16 (CPC 06 R2).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-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">&middot;</FONT></TD><TD STYLE="text-align: justify">Losses on derivative instruments of R$ 863 million, mainly explained by: (i) hedging carry costs related
to our FX exposure of US$ 630 million in Argentina, with approximately 62% carry cost, (ii) hedging carry costs related to our FX exposure
of US$ 1.6 billion in Brazil, with approximately 7% carry cost.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-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">&middot;</FONT></TD><TD STYLE="text-align: justify">Gains on non-derivative instruments of R$ 41 million, mainly explained by gains on balance sheet consolidation
(intercompany and third-party payables).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-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">&middot;</FONT></TD><TD STYLE="text-align: justify">Taxes on financial transactions of R$ 102 million mainly driven by lower taxes on interest income.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-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">&middot;</FONT></TD><TD STYLE="text-align: justify">Other financial expenses of R$ 181 million, mainly explained by accruals on legal contingencies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-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">&middot;</FONT></TD><TD STYLE="text-align: justify">Non-cash financial income of R$ 268 million resulting from the adoption of Hyperinflation Accounting in
Argentina.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 56%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Net finance results</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">1,875.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">300.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">2,245.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">1,101.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Interest expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(388.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(442.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(1,786.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(1,431.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Gains/(losses) on derivative instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(208.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(862.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(1,919.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(2,540.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Gains/(losses) on non-derivative instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(54.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">41.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(457.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(334.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Taxes on financial transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(155.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(101.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(335.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(216.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Other financial income/(expenses), net</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(216.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(181.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">(629.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(697.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Exceptional financial income/(expenses), net</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(8.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">(8.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Hyperinflation Argentina</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">188.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">268.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 7pt">447.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt">922.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><B>Net finance results</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt"><B>1,040.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt"><B>(987.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>(2,434.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 7pt"><B>(3,205.4)</B></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>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt"><B>Debt breakdown</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 6pt"><B>December 31, 2020</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 6pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-size: 6pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 6pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 6pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Local Currency</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt">2,232.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt">1,622.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt">3,854.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt">689.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt">1,737.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt">2,426.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Foreign Currency</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 6pt">506.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 6pt">431.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 6pt">937.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 6pt">157.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 6pt">516.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 6pt">674.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Consolidated Debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>2,738.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>2,053.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>4,792.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>847.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>2,253.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>3,100.5&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Cash and Cash Equivalents less Bank Overdrafts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt">17,090.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt">16,597.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Current Investment Securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt">1,700.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt">1,914.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt"><FONT STYLE="font-size: 6pt"><B>Net debt/(cash)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>(13,998.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>(15,411.3)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="color: #595959; font: bold 14pt/115% Arial, 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="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">On September 24, 2021, the Brazilian Supreme
Court decided that interest over claims (including tax credits recognized in 2019, 2020 and 2Q21) is not taxable for Corporate Income
Tax purposes, since its nature is not an income, but rather an indemnity. This resulted in a total recognition of R$ 1,070 million in
FY21. For further references please see Note 26 of our Financial Statements.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">The table below demonstrates the tax and social contribution
provision.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Income tax and social contribution</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</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: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Profit before tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,464.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4,104.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>13,494.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>13,759.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Adjustment on taxable basis</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; font-style: normal; font-weight: normal">Non-taxable other income</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal; font-weight: normal">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal"><B><SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(6.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(145.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(6.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(611.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Government grants (VAT)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(392.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(576.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,597.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,883.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">74.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">43.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">115.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Expenses not deductible</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">51.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">39.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">119.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">99.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt">Taxation in universal basis</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">35.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(24.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt">48.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(360.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,162.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,471.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>12,101.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>11,119.9&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B><I>Aggregated weighted nominal tax rate</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>31.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>26.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>30.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>27.4%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><B>Taxes &ndash; nominal rate </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(2,571.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>(931.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(3,662.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>(3,045.3)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Adjustment on tax expense</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Income tax incentive</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">3.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">41.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">123.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">213.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Tax benefit - interest on shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,035.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">935.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,213.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">2,516.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Tax benefit - amortization on tax books</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">19.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">19.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">77.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">77.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Withholding income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(72.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(393.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(628.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(876.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Argentina's hyperinflation effect</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(37.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(50.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(123.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Other tax adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">14.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">9.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">164.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">601.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #886D4B 1pt dotted; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-size: 7pt"><B>Income tax and social contribution expense</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,573.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>(357.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; padding: 0.4pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,762.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; padding: 0.4pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>(636.6)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><B><I>Effective tax rate</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>18.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>8.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>13.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>4.6%</I></B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt">(i) Balances adjusted for comparative purposes.</P>

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


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

<P STYLE="color: #595959; font: bold 14pt/115% Arial, 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.&#8217;s
shareholding structure as of December 31, 2021.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Ambev S.A.'s shareholding structure</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 67%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>ON</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>% Outs</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Anheuser-Busch InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">9,728,957,157&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">61.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">FAHZ</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">1,609,987,301&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">10.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 6pt">Market</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">4,399,725,198&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">28.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Outstanding </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>15,738,669,656&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>100.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 6pt">Treasury</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt">5,782,513&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 6pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>15,744,452,169&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Free float B3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">2,983,244,242&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">19.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Free float NYSE</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">1,416,480,956&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">9.0%</FONT></TD></TR>
  </TABLE>

<P STYLE="color: #595959; font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 16pt 0 6pt; letter-spacing: 1.05pt; 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., December 31, 2021 closing rate for 4Q21 and FY21 results).</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The FY21 Hyperinflation Accounting adjustment
results from the combined effect of (i) the indexation to reflect changes in purchasing power on the FY21 results against a dedicated
line in the finance results, and (ii) the difference between the translation of the FY21 results at the closing exchange rate of December
31, 2021, and the translation using the average year to date rate on the reported period, as applicable to non-inflationary economies.
4Q21 results under Hyperinflation Accounting are calculated as the difference between reported FY21 and 4Q21 results.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The impacts in 4Q20, FY20, 4Q21 and FY21 on
Net Revenue and Normalized EBITDA were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 59%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Impact of Hyperinflation Accounting (IAS 29/CPC42)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-top: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Revenue</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Indexation(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">366.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">632.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">760.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">1,340.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Currency(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(899.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(121.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(951.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(366.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Total Impact</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(533.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>510.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(191.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>974.4&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Indexation(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">94.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">191.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">221.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">414.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Currency(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(259.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(38.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(275.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(118.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Total Impact</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(164.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>153.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(53.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>295.8&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>BRLARS average rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>13.5962&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>17.5915&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>BRLARS closing rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>16.1919&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>18.4116&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>16.1919&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>18.4116&nbsp;</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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&#8217;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>


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<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 4Q21, the transition to Hyperinflation
Accounting in accordance with the IFRS rules resulted in (i) a positive R$ 268.1 million adjustment reported in the finance results; (ii)
a positive impact on the Profit of R$ 5.5 million; (iii) a positive impact on the Normalized Profit of R$ 9.2 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: 6pt 0; text-align: justify">In FY21, the consequences of the transition
were (i) a positive R$ 922.4 million adjustment reported in the finance results; (ii) a negative impact on the Profit of R$ 230.9 million;
(iii) a negative impact on the Normalized Profit of R$ 222.7 million; and (iv) negative impact of R$ 0.01 on EPS, as well as on Normalized
EPS.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">The 4Q21 results are calculated by deducting
from the FY results the YTD September results as published. Consequently, LAS and Consolidated 4Q21 and 4Q20 results are impacted by the
adjustment of YTD September results for the cumulative inflation between September 30 and December 31, as well as by the translation of
YTD September results at the FY closing exchange rate, of December 31, as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>LAS - 9M As Reported</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">11,560.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(902.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">5,913.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">16,571.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">51.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(5,937.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">341.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,639.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(8,235.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">44.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(5,165.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">287.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,527.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(7,405.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">48.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,623.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(561.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,273.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,335.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">58.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,907.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">267.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,378.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,018.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">47.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(325.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">25.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(66.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(366.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">20.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3,233.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">292.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,444.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,384.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">44.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(159.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">198.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">38.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-124.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,230.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(267.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,027.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,989.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>90.9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,328.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(347.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,206.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,186.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>66.3%</B></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>LAS - 9M Recalculated at YTD Exchange Rates</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">11,251.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">275.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">5,479.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">17,007.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">48.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(5,790.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(193.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,450.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(8,433.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">42.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(5,041.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(176.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,358.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(7,576.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">46.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,461.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>82.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,029.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,573.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">55.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,825.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(47.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,261.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,134.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">44.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(314.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(59.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(377.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(3,140.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(50.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,320.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,511.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">42.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(155.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">194.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">38.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">-124.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,165.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>31.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,902.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4,100.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>87.9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,229.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>51.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,053.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,334.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>63.6%</B></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>LAS - 9M Recalculation Impact in 4Q</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(308.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,178.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(433.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">435.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">147.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(534.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">189.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(197.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">123.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(463.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">168.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(171.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(161.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>643.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(244.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>237.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">81.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(314.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">116.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(116.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">11.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(28.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">6.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(10.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">92.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(343.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">123.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(126.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">4.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(0.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(4.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(0.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(64.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>299.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(124.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>110.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(98.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>399.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(152.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>147.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">In the corresponding sections, the impacts
above are excluded from organic calculation and are identified separately in the columns labeled &#8220;IAS 29 9M Impact&#8221;. Organic
percentage growth rates for 4Q21 are calculated by considering the &#8220;Organic
growth&#8221; reported in the tables in the applicable sections, over 4Q20 base adjusted for the 9M20 recalculation.</P>


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

<P STYLE="color: #595959; font: bold 14pt/115% Arial, 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 Normalized Operating
Profit are measures used by Ambev&#8217;s management to measure the Company&#8217;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.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">EBITDA is calculated excluding from Normalized
EBITDA the following effects: (i) Exceptional items and (ii) Share of results of associates.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">Normalized EBITDA and Normalized Operating
Profit 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 Normalized Operating Profit do not have a standard calculation method and Ambev&#8217;s definition of Normalized
EBITDA and Normalized Operating Profit may not be comparable to that of other companies.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>Reconciliation - Profit to EBITDA</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"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; 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"><FONT STYLE="font-size: 7pt"><B>4Q21</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"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="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"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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; 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>
    <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="border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt"><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: right"><FONT STYLE="font-size: 7pt"><B>6,786.0</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"><FONT STYLE="font-size: 7pt"><B>3,607.2</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"><FONT STYLE="font-size: 7pt"><B>11,379.4</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"><FONT STYLE="font-size: 7pt"><B>12,671.0</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">104.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">139.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">352.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">451.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">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: right"><FONT STYLE="font-size: 7pt">1,573.9</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"><FONT STYLE="font-size: 7pt">357.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,762.5</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"><FONT STYLE="font-size: 7pt">636.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt"><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: right"><FONT STYLE="font-size: 7pt"><B>8,464.3</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: right"><FONT STYLE="font-size: 7pt"><B>4,104.2</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"><FONT STYLE="font-size: 7pt"><B>13,494.4</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"><FONT STYLE="font-size: 7pt"><B>13,759.2</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">74.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">43.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">115.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,040.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">987.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,434.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">3,205.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">140.2</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"><FONT STYLE="font-size: 7pt">155.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">452.0</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: right"><FONT STYLE="font-size: 7pt">392.8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating 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"><FONT STYLE="font-size: 7pt"><B>7,573.0</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"><FONT STYLE="font-size: 7pt"><B>5,321.9</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"><FONT STYLE="font-size: 7pt"><B>16,424.2</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: right"><FONT STYLE="font-size: 7pt"><B>17,473.0</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">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: right"><FONT STYLE="font-size: 7pt">1,364.2</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"><FONT STYLE="font-size: 7pt">1,462.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">5,167.3</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"><FONT STYLE="font-size: 7pt">5,396.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt"><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"><FONT STYLE="font-size: 7pt"><B>8,937.2</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: right"><FONT STYLE="font-size: 7pt"><B>6,784.4</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"><FONT STYLE="font-size: 7pt"><B>21,591.5</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"><FONT STYLE="font-size: 7pt"><B>22,869.7</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(140.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(155.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(452.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(392.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(9.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(74.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(43.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(115.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 7pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,787.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>6,554.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>21,096.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>22,361.2</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

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


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

<P STYLE="color: #595959; font: bold 14pt/115% Century Gothic; margin: 0 0 6pt; letter-spacing: 1.05pt; text-align: justify; border-bottom: Black 0.5pt solid">Q4
2021 EARNINGS CONFERENCE CALL</P>

<P STYLE="color: #4B3A2E; font: bold 10.5pt/115% Century Gothic; margin: 0 0 0 38.9pt; letter-spacing: 1.05pt; text-align: justify">&nbsp;</P>
<table border="0" cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<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"><P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">February 24, 2022 (Thursday)</P></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)</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
    (New York)</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="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; color: red">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: 9pt/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: 9pt Arial, Helvetica, Sans-Serif; margin: 0">English: https://choruscall.com.br/ambev/4q21.htm</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Portuguese: https://choruscall.com.br/ambev/4t21.htm</P>

<P STYLE="font: 12pt Verdana, Helvetica, Sans-Serif; margin: 0">&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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 38%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Guilherme Yokaichiya</B></TD>
    <TD STYLE="width: 29%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Matthew Chacon Dowd</B></TD>
    <TD STYLE="width: 33%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Tatiana Coimbra Castello Branco</B></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; text-align: center; line-height: 115%"><FONT STYLE="color: #3D859C; 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; line-height: 115%"><FONT STYLE="color: #3D859C; line-height: 115%"><B><U>matthew.chacon@ab-inbev.com</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 12pt; padding-left: 3.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 11pt; color: #3D859C; line-height: 115%"><B><U>tatiana.branco@ambev.com.br</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in; color: #3D859C"><B>ri.ambev.com.br</B></P>


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

<P STYLE="color: #595959; font: bold 14pt/115% Arial, 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 &#8220;normalized&#8221; refers to performance
measures EBITDA and Operating Profit before exceptional items and share of results of joint ventures and to performance measures Profit
and 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&#8217;s performance. Comparisons, unless
otherwise stated, refer to the fourth quarter of 2020 (4Q20). 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&#8217;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 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="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>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 306.75pt">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Ambev - Segment financial information</B></FONT></TD>
    <TD COLSPAN="9" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>CAC</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>LAS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Ambev</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>Organic results</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>NAB</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Volume (000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">26,411.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">25,585.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-3.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8,309.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">8,470.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">34,721.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">34,056.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-1.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">3,508.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">3,595.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">10,486.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">11,402.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,225.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,321.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">4.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">50,942.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">51,374.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">0.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt"><FONT STYLE="font-size: 5.5pt"><B><I>R$ million</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8,719.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">9,232.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">5.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1,412.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1,609.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">13.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">10,132.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">10,841.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">7.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,442.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,929.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">18.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">3,620.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">5,640.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">42.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,361.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,600.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">18,556.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">22,010.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">16.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>47.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>41.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>54.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>49.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>19.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>25.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>12.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>11.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(3,671.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,431.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">20.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(687.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(906.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">31.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,358.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(5,337.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">22.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,067.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,438.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">33.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,833.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(2,664.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">35.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(938.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,056.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">10.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(8,197.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(10,496.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">25.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>44.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>42.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>53.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>50.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>22.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>25.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>11.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>10.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">5,048.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">4,801.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-4.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">725.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">702.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-3.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">5,773.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">5,503.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1,374.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1,491.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">7.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1,787.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,976.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">51.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1,423.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1,543.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">6.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">10,358.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">11,514.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>48.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>41.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>6.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>55.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>47.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>17.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>25.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(2,347.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(2,889.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">23.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(410.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(478.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">16.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(2,757.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(3,367.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">22.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(467.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(554.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">17.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(885.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,453.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">48.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(950.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,118.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(5,060.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(6,493.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">24.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>46.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>44.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>54.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>51.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>9.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>17.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>22.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>18.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>17.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1,972.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">191.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">53.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">382.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">77.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-2.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,355.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">268.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">33.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(4.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-160.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(94.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">31.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-132.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">18.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(2.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-112.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,275.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">300.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">130.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>86.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>63.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>16.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>25.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>103.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>89.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>-0.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>0.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>-4.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>10.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>0.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>-0.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">4,673.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,103.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-24.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">697.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">301.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-23.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">5,370.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,404.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-24.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">902.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">939.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">807.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1,554.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">74.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">491.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">423.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-8.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">7,573.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">5,321.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-3.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>61.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>39.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>9.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>5.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>70.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>45.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>11.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>17.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>10.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>29.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>6.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">5,338.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,789.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-19.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">798.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">394.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-20.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">6,137.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">3,184.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-19.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1,091.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1,140.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">3.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1,079.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1,897.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">57.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">629.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">562.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-7.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8,937.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">6,784.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-1.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>59.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>41.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>5.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>68.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>46.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>12.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>16.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>12.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>28.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of net revenue</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-42.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-48.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-48.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-56.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-43.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-49.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-43.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-49.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-50.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-47.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-39.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-40.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-44.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-47.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">57.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">52.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">51.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">43.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">57.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">50.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">56.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">50.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">49.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">52.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">60.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">59.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">55.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">52.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-26.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-31.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-29.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-29.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-27.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-31.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-19.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-18.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-24.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-25.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-40.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-43.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-27.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-29.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">22.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">27.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">4.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">23.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-2.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">0.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">0.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">12.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">53.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">22.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">49.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">18.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">53.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">22.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">37.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">32.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">22.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">27.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">20.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">16.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">40.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">61.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">30.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">56.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">24.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">60.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">29.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">44.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">38.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">29.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">33.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">26.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">21.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">48.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">30.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt"><FONT STYLE="font-size: 5.5pt"><B><I>Per hectoliter - (R$/hl)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">330.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">360.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">170.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">190.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">11.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">291.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">318.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">9.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">696.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">814.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">16.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">345.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">494.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">31.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1,060.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1,120.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">3.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">364.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">428.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">15.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(139.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(173.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">24.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(82.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(107.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">29.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(125.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(156.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">24.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(304.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(400.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">30.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(174.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(233.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">24.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(421.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(455.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(160.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(204.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">24.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">191.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">187.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-1.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">87.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">82.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-5.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">166.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">161.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-2.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">391.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">414.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">4.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">170.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">261.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">30.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">639.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">665.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">203.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">224.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">5.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(88.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(112.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">27.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(49.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(56.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">14.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(79.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(98.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">24.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(133.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(154.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">15.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(84.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(127.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">28.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(426.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(481.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">7.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(99.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(126.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">21.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">74.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">7.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">46.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">9.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-0.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">67.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">7.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(1.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">0.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-159.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(9.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-131.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(0.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-112.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">44.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">5.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">4.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">176.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">82.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-9.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">84.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">35.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-9.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">154.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">70.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">257.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">261.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">0.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">77.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">136.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">51.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">221.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">182.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-12.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">148.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">103.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-3.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">202.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">109.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-8.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">96.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">46.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-9.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">176.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">93.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-8.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">311.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">317.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">0.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">102.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">166.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">37.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">282.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">242.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-10.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">175.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">132.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-2.9%</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 5.5pt"><B>Ambev - Segment financial information</B></FONT></TD>
    <TD COLSPAN="9" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>CAC</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>LAS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Ambev</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>Organic results</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>NAB</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD20</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>YTD21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-right: white 1pt solid; text-align: center"><FONT STYLE="font-size: 5.5pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Volume (000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">84,791.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">90,835.04&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">7.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">26,493.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">28,695.52&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">111,285.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">119,530.56&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">7.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">11,451.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">13,401.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">17.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">33,062.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">37,511.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">13.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">9,998.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">9,924.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-0.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">165,797.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">180,368.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt"><FONT STYLE="font-size: 5.5pt"><B><I>R$ million</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">25,953.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">30,537.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">17.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">4,243.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">5,049.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">19.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">30,196.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">35,586.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">17.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">7,319.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">9,947.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">31.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">11,560.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">16,571.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">51.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">9,302.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">10,748.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">58,379.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">72,854.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">23.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>44.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>41.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>6.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>51.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>48.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>12.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>19.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>22.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>15.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>14.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(11,941.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(15,382.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">28.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(2,171.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(2,927.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">34.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(14,112.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(18,309.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">29.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(3,307.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,727.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">38.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(5,937.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(8,235.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">44.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(3,708.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,386.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">4.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(27,066.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(35,659.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">30.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>44.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>43.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>52.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>51.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>12.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>21.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>23.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>12.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">14,011.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">15,155.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,072.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,122.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">16,083.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">17,277.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">7.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">4,011.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">5,219.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">25.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">5,623.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">8,335.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">58.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">5,594.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">6,361.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">0.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">31,312.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">37,194.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">17.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>44.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>40.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>6.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>5.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>51.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>46.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>12.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>14.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>18.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>22.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>17.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>17.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(7,933.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(9,975.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">25.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,382.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,594.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">15.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(9,315.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(11,569.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,598.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,993.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">20.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(3,233.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,384.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">44.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(3,420.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(3,897.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">0.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(17,568.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(21,845.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">23.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>45.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>45.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>53.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>53.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>9.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>9.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>18.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>20.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>19.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>17.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,380.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1,711.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">25.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">506.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">384.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">5.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,887.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,096.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">20.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(23.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">12.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-150.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(159.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">38.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-124.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(24.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(23.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-16.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,679.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,124.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">70.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>88.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>80.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>18.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>18.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>107.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>98.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>-0.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>0.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>-6.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>1.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>-0.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>-1.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8,458.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">6,890.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-11.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1,196.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">912.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-16.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">9,655.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">7,803.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,389.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">3,238.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">30.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,230.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">3,989.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">90.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,149.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,441.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">16,424.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">17,473.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">13.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>51.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>39.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>5.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>58.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>44.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>14.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>18.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>22.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>14.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">11,011.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">9,515.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-7.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1,557.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1,270.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-12.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">12,569.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">10,786.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-8.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">3,070.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">3,915.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">23.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">3,328.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">5,186.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">66.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2,623.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2,981.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">21,591.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">22,869.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">10.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>51.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>41.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>5.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>58.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>47.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>14.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>17.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>15.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>22.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>12.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt"><FONT STYLE="font-size: 5.5pt"><B><I>% of net revenue</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-46.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-50.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-51.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-58.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-46.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-51.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-45.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-47.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-51.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-49.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-39.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-40.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-46.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-48.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">54.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">49.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">48.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">42.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">53.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">48.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">54.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">52.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">48.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">50.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">60.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">59.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">53.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">51.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-30.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-32.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-32.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-31.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-30.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-32.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-21.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-20.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-28.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-26.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-36.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-36.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-30.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-30.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">9.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">11.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">9.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">5.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-0.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-1.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-0.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">-0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">4.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">2.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">32.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">22.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">28.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">18.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">32.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">21.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">32.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">32.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">19.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">24.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">23.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">22.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">28.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">24.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">42.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">31.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">36.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">25.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">41.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">30.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">41.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">39.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">28.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">31.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">28.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">27.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">37.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">31.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt"><FONT STYLE="font-size: 5.5pt"><B><I>Per hectoliter - (R$/hl)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.4pt 3.4pt 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">306.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">336.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">9.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">160.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">176.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">9.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">271.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">297.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">9.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">639.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">742.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">349.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">441.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">33.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">930.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1,083.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">3.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">352.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">403.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">13.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(140.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(169.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">20.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(82.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(102.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">24.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(126.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(153.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">20.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(288.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(352.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">17.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(179.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(219.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">27.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(370.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(442.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">5.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(163.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(197.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">20.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">165.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">166.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">78.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">74.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">144.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">144.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">350.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">389.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">7.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">170.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">222.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">39.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">559.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">641.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">188.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">206.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">8.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(93.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(109.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">17.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(52.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(55.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">6.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(83.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(96.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">15.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(139.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(148.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(97.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(116.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">27.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(342.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(392.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(106.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(121.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">13.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">28.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">18.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">0.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">19.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">13.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-2.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">25.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">17.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(2.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">0.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-143.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(4.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">1.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-121.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">(2.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">(2.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-15.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">16.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">11.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">4.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">99.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">75.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-11.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">45.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">31.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-14.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">86.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">65.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-12.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">208.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">241.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">11.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">67.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">106.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">68.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">215.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">246.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">99.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">96.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 5.5pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">129.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">104.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-10.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">58.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">44.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-13.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">113.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">90.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">-10.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">268.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">292.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">5.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">100.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">138.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">46.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">262.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">300.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">2.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">130.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 5.5pt">126.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 5.5pt">1.2%</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 7pt"><B>CONSOLIDATED BALANCE SHEET</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-top: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-top: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 6pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; padding: 0.25pt 3.4pt 0.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>December 31, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">17,090.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">16,627.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">1,700.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">1,914.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">505.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">597.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">4,303.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">4,791.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">7,605.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">11,000.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Income tax and social contributions receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">1,759.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">631.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Other taxes receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">1,527.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">1,981.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">850.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">1,082.8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>35,342.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>38,627.1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">213.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">192.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">3.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">1.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Income tax and social contributions receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">4,495.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">6,326.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">4,560.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">4,727.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Taxes receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">5,695.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">6,005.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">2,141.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">2,063.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">33.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">27.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Investments in joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">337.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">305.2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">24,768.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">29,224.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Intangible</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">7,580.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">8,689.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Goodwill</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt">40,023.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">42,411.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>89,854.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>99,975.3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>125,196.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>138,602.5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">19,339.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">25,077.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">329.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">492.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">2,738.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">847.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Payroll and social security payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">925.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">2,439.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Dividends and interest on shareholder&acute;s equity payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">2,454.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">1,425.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">1,167.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">1,491.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">4,549.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">4,585.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">1,848.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">2,304.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt">124.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">172.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>33,478.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>38,866.4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">655.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">617.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">0.02</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">2,053.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">2,253.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">3,043.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">3,214.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">1,912.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">1,686.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">684.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">704.2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Put option granted on subsidiary and other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">4,226.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">3,445.2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">447.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">603.8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt">3,544.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">3,194.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 1.5pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>16,567.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1.5pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>15,718.5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>50,045.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>54,584.9</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Issued capital</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">57,899.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">58,042.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">80,905.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">86,378.8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt">(64,989.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">(61,778.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Equity attributable to equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>73,815.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>82,643.0</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt">1,335.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt">1,374.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Total Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1.5pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>75,151.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1.5pt 3.4pt 0.25pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>84,017.6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 6pt"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 6pt"><B>125,196.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 6pt"><B>138,602.5</B></FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 61%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>CONSOLIDATED INCOME STATEMENT</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</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: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">18,556.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">22,010.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">58,379.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">72,854.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Cost of goods sold </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(8,197.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(10,496.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(27,066.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(35,659.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>10,358.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>11,514.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>31,312.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>37,194.6&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,242.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(2,909.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(8,245.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(9,932.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,920.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(2,200.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(6,374.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(7,035.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(897.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,383.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,948.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(4,877.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,275.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">300.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,679.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">2,124.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">7,573.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">5,321.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">16,424.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">17,473.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(140.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(155.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(452.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(392.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Income from operations (Operating Profit)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>7,432.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,166.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>15,972.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>17,080.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,040.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(987.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,434.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(3,205.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(9.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(74.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(43.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(115.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,464.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4,104.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>13,494.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>13,759.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,573.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(357.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,762.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(636.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>6,890.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,747.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>11,731.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>13,122.6&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>6,786.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,607.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>11,379.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>12,671.0&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><B>Non-controlling interest</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>104.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>139.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>352.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>451.6&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Basic earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.43&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">0.23&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.72&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">0.81&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.43&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">0.23&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.72&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">0.80&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><B>Normalized Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>7,008.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,885.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>12,104.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>13,472.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Normalized basic earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.44&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">0.24&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.75&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">0.83&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Normalized diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.43&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">0.24&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.74&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">0.82&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">N&ordm; of basic shares outstanding (million of shares)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">15,734.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">15,738.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">15,733.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">15,736.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">N&ordm; of diluted shares outstanding (million if shares)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">15,868.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">15,858.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">15,867.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">15,857.5&nbsp;</FONT></TD></TR>
  </TABLE>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 67%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.4pt 3.4pt 0.25pt"><FONT STYLE="font-family: Arial Narrow, Helvetica, Sans-Serif; font-size: 8pt"><B>CONSOLIDATED STATEMENT OF CASH FLOWS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD20</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding: 0.4pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>YTD21</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding: 0.25pt 3.4pt 0.4pt; border-bottom: #BA0C2F 1pt solid"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>6,890.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,747.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>11,731.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>13,122.6&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Depreciation, amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,364.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">1,462.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">5,167.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">5,396.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Impairment losses on receivables and inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">54.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">59.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">296.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">200.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Additions/(reversals) in provisions and employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">73.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">101.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">239.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">244.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net finance cost</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,040.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">987.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">2,434.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">3,205.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Loss/(gain) on sale of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(63.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(79.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(78.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(142.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Equity-settled share-based payment expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">40.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">80.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">208.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">387.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,573.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">357.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">1,762.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">636.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Share of result of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">9.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">74.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">43.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">115.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Other non-cash items included in the profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(563.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(666.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,769.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,852.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Cash flow from operating activities before changes in working capital and provisions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,339.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>6,124.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>20,035.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>21,314.7&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">(Increase)/decrease in trade and other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,987.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">1,101.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(848.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">341.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">(Increase)/decrease in inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(548.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,526.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,303.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(3,499.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Increase/(decrease) in trade and other payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">4,124.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">5,821.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">3,049.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">6,157.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Cash generated from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,928.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>11,521.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>20,933.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>24,314.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Interest paid</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(314.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(166.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(768.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(498.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Interest received</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">58.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">151.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">320.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">377.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Dividends received</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">8.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">10.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">13.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">13.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Income tax and social contributions paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt">(287.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">275.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,642.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1,305.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,393.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>11,792.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>18,855.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>22,901.0&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Proceeds from sale of property, plant, equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">66.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">213.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">108.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">301.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Proceeds from sale of operations in subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">0.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">0.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Acquisition of property, plant, equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,394.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(3,010.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(4,692.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(7,677.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Acquisition of subsidiaries, net of cash acquired</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(24.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(19.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(431.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(133.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Acquisition of other investments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(7.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(19.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(5.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">(Investments)/net proceeds of debt securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(289.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">125.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,764.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(236.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Net proceeds/(acquisition) of other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">10.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">15.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Cash flow used in investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,650.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>(2,680.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(6,799.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>(7,734.9)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Capital increase</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">5.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">9.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Capital increase in non-controlling</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">0.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Proceeds/(repurchase) of shares</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(1.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(7.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(44.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">194.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">50.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">3,767.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">315.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Repayment of borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,918.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(164.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,042.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(2,454.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Cash net finance costs other than interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(1,074.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(604.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(2,971.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(2,089.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Payment of lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(110.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(159.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt">(498.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(663.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt">Dividends and interest on shareholders&rsquo; equity paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt">(6,669.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(9,617.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt">(6,850.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt">(11,115.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(9,579.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>(10,491.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(8,602.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>(16,041.8)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding: 0.25pt 3.4pt 0.4pt; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Net increase/(decrease) in Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(2,835.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,378.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,454.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>(875.8)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Cash and cash equivalents less bank overdrafts at the beginning of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>20,981.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>17,744.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>11,900.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>17,090.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-size: 7pt"><B>Effect of exchange rate fluctuations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,055.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>231.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,735.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>382.6&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt"><FONT STYLE="font-size: 7pt"><B>Cash and cash equivalents less bank overdrafts at the end of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>17,090.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>16,597.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>17,090.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding: 0.25pt 3.4pt 1.5pt; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-size: 7pt"><B>16,597.2&nbsp;</B></FONT></TD></TR>
  </TABLE>

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

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;<IMG SRC="ambevsapr4q216k_007.jpg" ALT=""></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&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;February 24, 2022</P>

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