<SEC-DOCUMENT>0001292814-22-001263.txt : 20220330
<SEC-HEADER>0001292814-22-001263.hdr.sgml : 20220330
<ACCEPTANCE-DATETIME>20220329195110
ACCESSION NUMBER:		0001292814-22-001263
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220330
DATE AS OF CHANGE:		20220329

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:		22782759

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ambevsa20220328_6k2.htm
<DESCRIPTION>MANUAL - ORDINARY AND EXTRAORDINARY GENERAL MEETINGS
<TEXT>
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<TITLE></TITLE>
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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 March, 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>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify"><IMG SRC="ambevsa202203286k2_001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman,serif; font-size: 12pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 12pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>MANUAL FOR THE ORDINARY AND
EXTRAORDINARY</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>GENERAL SHAREHOLDERS&#8217;
MEETINGS</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><B>TO BE HELD ON APRIL 29, 2022</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>INDEX</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 16pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 16pt"><B>Message from the Co-Chairman of the
Board of Directors</B></FONT></TD></TR></TABLE>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 16pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 16pt"><B>General Information &#8211; Procedures
and Deadlines</B></FONT></TD></TR></TABLE>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 16pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 16pt"><B>Call Notice</B></FONT></TD></TR></TABLE>

<P STYLE="font: 16pt/115% Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 16pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 16pt"><B>Information Regarding the Matters
in the Agenda</B></FONT></TD></TR></TABLE>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary
Shareholders&#8217; Meeting</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extraordinary
Shareholders&#8217; Meeting</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Published
Documents to the Shareholders</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 16pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 16pt"><B>Exhibit - Management Proposal</B></FONT></TD></TR></TABLE>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 12pt"><B>MESSAGE FROM </B></FONT><B><FONT STYLE="font-family: Times New Roman,serif">THE
CO-CHAIRMAN OF THE BOARD OF DIRECTORS</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">S&atilde;o Paulo, March 29, 2022.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">To the Shareholders,</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We are delighted to invite you to read our Manual for the
Ordinary and Extraordinary General Shareholders&#8217; Meetings of Ambev S.A. (&#8220;<U>Company</U>&#8221;) to be held, cumulatively,
on April 29, 2022, at 2:00 pm, <B>in an exclusively digital form</B> through Zoom digital platform (&#8220;Digital Platform&#8221;), to
be considered as taken place at the Company&#8217;s headquarters for the purposes of article 4, &sect;2, item I, &sect;3, and article
21-C, &sect;&sect;2 and 3 of the Brazilian Securities Commission (&#8220;CVM&#8221;) Instruction No. 481, of December 17, 2009 (&#8220;<U>CVM
Instruction 481/09</U>&#8221;) (&#8220;<U>AGOE</U>&#8221; or &#8220;<U>Meetings</U>&#8221;).</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The main matters in the agenda for the AGOE are, in short:
in the <U>Annual Shareholders&#8217; Meeting</U>, <B>(i)</B> analysis and approval of the management accounts and examination, discussion
and voting on the financial statements of the Company for the fiscal year ended December 31, 2021; <B>(ii)</B> resolution on the allocation
of the net profits for the year ended December 31, 2021; <B>(iii)</B>&nbsp;election of the effective and alternate members of the Fiscal
Council for a term in office of one (1) year, which shall end on the Annual Shareholders&#8217; Meeting to be held in 2023; <B>(iv)</B>&nbsp;establishment
of the overall compensation of the management for the year 2022; <B>(v)</B> establishment of the compensation of members of the Fiscal
Council for the year 2022; and, in the <U>Extraordinary Shareholders&#8217; Meeting</U>, <B>(vi)</B>&nbsp;amendment of the Company's by-laws
to: (a)&nbsp;amend item &#8220;m&#8221; and include item &#8220;q&#8221; of article 3 of the bylaws, to detail in the corporate purpose
the ancillary activities related to the main activities carried out by the Company; (b) amend the heading of article 5 of the bylaws in
order to reflect the capital increases approved by the Board of Directors up to the date of the AGOE, within the authorized capital limit;;
and <B>(vii)</B> consolidation of the Company&#8217;s Bylaws.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The Call Notice included in item 3 of this Manual describes
in detail the matters included in the agenda to be resolved on the AGOE. Additional Information may be found in the Management Proposal,
an exhibit to this Manual.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The Company will hold the AGOE in an exclusively digital form,
pursuant to <U>CVM Instruction 481/09. In this sense, shareholders will be able to: (i) send </U>the distance voting instrument, prior
to the holding of the Meetings, or (ii) participate and vote at the time of the Meetings via the electronic system provided by the Company,
as indicated in this Manual.</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We emphasize that the information and guidelines contained
in this Manual do not replace or change legislation or regulation applicable to general meetings and shareholder participation, which
must be fully complied with.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We require everyone to carefully examine the documents related
to the AGOE that are available to shareholders at the Company's headquarters, as well as on the web pages of the Company (http://ri.ambev.com.br),
CVM (www.cvm.gov.br) and B3 (www.b3.com.br) on the world wide web.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center">Victorio Carlos De Marchi</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>GENERAL INFORMATION &#8211; PROCEDURES AND DEADLINES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The participation of the shareholders in the AGOE is of great
importance.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The Ordinary Shareholders&#8217; Meeting will be declared
open upon a first call with the attendance of shareholders representing at least 1/4 of the voting capital. The Extraordinary Shareholders&#8217;
Meeting will be declared open upon a first call with the attendance of shareholders representing at least 2/3 of the voting capital. We
note that, should there not be sufficient quorum for declaring the shareholders&#8217; meetings open, a new call will take place. Upon
a second call, the shareholders&#8217; meetings will be declared open with any number of shareholders present.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Shareholders may: (i) send the distance voting instrument
prior to the Meeting; or (ii) upon prior registration, participate and vote remotely during the Meeting through the Zoom electronic platform
made available by the Company (&#8220;Electronic System&#8221;), as detailed below.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Shareholders who wish to do so may also simply participate
in the Meeting through the Electronic System, whether or not they have sent a distance voting instrument. It is noted that, under the
terms of the applicable regulations, the Board of the Meeting will disregard the distance voting instruments sent by shareholders who
participate in the Meeting through the Electronic System and at that moment choose to vote during the Meeting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif"><B>2.1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>PARTICIPATION THROUGH ELECTRONIC SYSTEM</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Required Documents: </B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">In order to be admitted to participate in the AGOE, the shareholder,
or shareholder representative, must prove its position, upon prior deposit of the following documents:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif"><B>2.1.1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>Individuals</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Identity document with photo of the shareholder (Identity
Card (RG), Foreigner&#8217;s Identity Card (RNE), Driver&#8217;s License (CNH), passport or a document issued by a duly recognized professional
association); and proof issued by the financial institution depositary or custodian of the book-entry shares, pursuant to article 41 of
Law No. 6,404/76.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif"><B>2.1.2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>Legal Entities</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>(a)</B> Last consolidated by-laws or articles of association,
as the case may be, <B>(b)</B> other documents that evidence the powers granted to the legal representative(s) of the shareholder, pursuant
to its by-laws or articles of association, including, without limitation, minutes of election of directors, officers, powers of attorney,
etc., and <B>(c)</B> identity document with photo of the legal representative(s); and <B>(d)</B> proof issued by the financial institution
depositary or custodian of the book-entry shares, pursuant to article 41 of Law No. 6,404/76.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif"><B>2.1.3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>Investment Funds </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>(a)</B> Last consolidated regulations of the fund, <B>(b)</B>
by-laws or articles of association of its administrator or manager, as the case may be, subject to the voting policy of the fund, <B>(c)</B>
other documents that evidence the powers granted to the legal representative(s) of the manager or administrator of the fund, as the case
may be, and <B>(d)</B> identity document with photo of the legal representative(s); and <B>(e)</B> proof issued by the financial institution
depositary or custodian of the book-entry shares, pursuant to article 41 of Law No. 6,404/76.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-family: Times New Roman,serif"><B>2.2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>PROXY</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The shareholders may be represented by a proxy granted within
less than one year, pursuant to article 126, &sect;1 of Law No. 6,404/76. In this case, in order to take part in the AGOE, the shareholder&#8217;s
representative must bear an instrument attesting the respective powers of representation at the AGOE.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Exceptionally, in order to facilitate the participation at
a distance in the AGOE, the Company waives the formalities of signature certification and notarization, consularization and sworn translation
of the proxies granted by shareholders, as applicable, which may be signed by digital certificate.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The Company requires that the powers of attorney with special
powers of representation in the AGOE be sent to the Company via email to the Investor Relations Department, until <B>April 27, 2022, at
2:00 p.m., Bras&iacute;lia time</B>, along with the other required documents for the prior registration as indicated in this Manual.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Procedure for participation and voting through the Electronic
System</U></B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Considering that participation in the AGOE will be exclusively
digital, shareholders, or their representatives, who wish to participate in the AGOE must register by sending an email to the Investor
Relations Department (ri@ambev.com.br), until <B>April 27, 2022, at 2:00 pm Bras&iacute;lia time</B>, attaching all the documents listed
above.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">As provided for in the regulations in effect, those who do
not register, along with the requested documentation, within the aforementioned period will not have access to the Electronic System on
the date of the Meeting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">After sending the e-mail containing the requested documents
for participation, the Company will analyze the registration request and the shareholders, or their representatives, as the case may be,
will receive, through the e-mail address (e-mail) used for the registration request, a message informing about the approval of your application
to participate in the AGOE or the reason for your rejection.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The shareholder, or its representative, whose registration
has been rejected, will be allowed to settle the pending issue until 10:00 am Bras&iacute;lia time on April 29, 2022.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The message of approval of the shareholder's registration,
or of its representative, will contain the guidelines for access to the Electronic System on the date of the Meeting, emphasizing that
the registered password is individual and non-transferable.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">On the date of the Meeting, the electronic address (link)
to access the Electronic System will be available 40 (forty) minutes before the Meeting start time. After procedures of the AGOE have
started, it will not be possible for any person to join the Meeting, regardless of the previous registration.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The Company recommends that shareholders or their authorized
representatives familiarize themselves in advance with the Electronic System and verify the compatibility of their equipment with the
use of the Electronic System, as well as that, on the date of the AGOE, they enter the Electronic System in advance of the scheduled start
time, with the objective of guaranteeing the registration of their access and participation in the AGOE.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The shareholder that participates through the Electronic System
will be considered present at the AGOE and signatory of the respective minutes, pursuant to article 21-V, &sect; 1, of CVM Instruction
481/09. It should be noted that only the shareholder, or its representative, who registers in advance and accesses the Electronic System on the date of the Meeting,
in the manner and within the period provided for in this Manual, will be considered present.</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Upon carrying out the prior registration, the shareholders,
or their authorized representatives, undertake to: (i) use the received access data to the Electronic System solely and exclusively for
participation and remote voting during the AGOE; (ii) not transfer or disclose, in whole or in part, the access data to any third party,
shareholder or not, recognizing that they are for individual use and non-transferable; and (iii) not record or reproduce, in whole or
in part, nor transfer, to any third party, shareholder or not, the content or any information transmitted by digital means during the
AGOE.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, the Company recommends that, during the AGOE,
participants use headphones, keep their microphones muted and their cameras turned off, except when speaking, in order to avoid connection
instability and improve audio quality, being possible for the members of the Board of the Meeting to deactivate cameras and microphones,
when the floor is not open to the participants.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Notwithstanding the foregoing, the Electronic System will
provide a written and instantaneous dialog box for communication with the Presiding Board of the Meeting and between participants. Shareholders,
or their representatives, who wish to take the floor to make a statement on any matter not related to the Meeting's agenda must use the
usual channels of contact with the Company, through the Investor Relations Department.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The Company emphasizes that it will be the sole responsibility
of the shareholder, or its representative, to ensure the compatibility of its equipment with the use of the Electronic System. Under the
terms of the applicable regulations, the Company will not be responsible for any operational or connection problem that the shareholder,
or its representative, may face that makes it difficult or impossible to participate in the AGOE that is not under the Company's control,
such as instability in the connection with the Internet or incompatibilities with the equipment of the shareholder, or his authorized
representative.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The Zoom electronic platform provided by the Company meets
the requirements set forth in article 2, &sect;1, of CVM Instruction No. 481/09, which are: (a) possibility of making statements and simultaneous
access to documents presented during the AGOE that were not previously made available; (b) full recording of the Meeting; and (c) the
possibility of communication between shareholders.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The shareholders, or their representatives, who are present
at the Meeting, authorize the Company to use any information recorded at the AGOE for registration of the possibility of making statements
and visualization of documents presented during the AGOE; register the authenticity and security of communications during the Meeting;
registration of attendance and votes cast; compliance of legal orders from competent authorities; and defense of the Company, its management
and contracted third parties, in any judicial, arbitration, regulatory or administrative sphere. Finally, the Company informs that the
AGOE will be fully recorded, pursuant to applicable regulation.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif"><B>2.3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>DISTANCE VOTING</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The shareholder that elects to exercise its distance voting
right may do so by sending its voting instrument to the services providers that are able to collect and transmit instructions for filling
out the instrument, or directly to the Company.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The shareholders may send the instructions for completion
of the distance voting instrument to service providers which provide services of collection and transmission of instructions for completion
of the distance voting instrument, such as:</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the shareholder&#8217;s custodian, in case the shares
are deposited in a central depository; or</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify; text-indent: -1cm">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">Banco Bradesco S.A., as the financial institution hired
by the Company to provide securities bookkeeping services, in case the shares are not deposited in a central depository.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">If the shareholder wishes to vote at distance by sending the
voting instrument directly to the Company, it shall send the documents below to the Company. In this case, it shall forward such completed
instrument together with the documents indicated below to the email of the Investor Relations Department (ri@ambev.com.br); or, physically,
to the Company&#8217;s address at Rua Dr. Renato Paes de Barros, 1017, 4<SUP>th</SUP> floor, Itaim Bibi, ZIP Code 04530-001, S&atilde;o
Paulo/SP, Brazil, to the attention of the Investor Relations Department (<I>Departamento de Rela&ccedil;&otilde;es com Investidores</I>),
according to item 12.2 of the Company&#8217;s Reference Form:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif">(i)</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">distance voting instrument concerning the general meeting, duly filled out and
signed, with all of its pages initialized, being allowed signatures by digital certificate;</FONT></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif">(ii)</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">extract containing their respective stock ownership; and</FONT></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif">(iii)</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">copy of the following documents:</FONT></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">for individuals - identity document with photo of the shareholder;</FONT></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">for legal entities - (a) last consolidated by-laws or articles of association,
as the case may be, (b) other documents that evidence the powers granted to the legal representative(s) of the shareholder, pursuant to
its by-laws or articles of association, including, without limitation, minutes of election of directors, officers, powers of attorney,
etc., and (c) identity document with photo of the legal representative(s);</FONT></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">for investment funds - (a) last consolidated regulations of the fund, (b) by-laws
or articles of association of its administrator or manager, as the case may be, subject to the voting policy of the fund, (c) other documents
that evidence the powers granted to the legal representative(s) of the manager or administrator of the fund, as the case may be, and (d)
identity document with photo of the legal representative(s).</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The following identity documents will be accepted, provided
they have a photo of the bearer: Identity Card (RG), Foreigner&#8217;s Identity Card (RNE), Driver&#8217;s License (CNH), passport or
a document issued by a duly recognized professional association.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Exceptionally, the Company waives the formalities of signature
certification and notarization, consularization and sworn translation for items (i) to (iii) above, accepting a free translation of the
documents for purposes of verifying the bulletins for distance vote sent directly to the Company.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The distance voting instruments, along with their respective
documentation under the terms of this Manul, will only be considered at the AGOE if received by the Company, in good order and in compliance
with the provisions above, with at least 7 days in advance of the date of the date of the AGOE, therefore, until <B>April 22, 2022, included</B>.
Pursuant to Article 21-U of CVM Instruction No. 481/09, the Company will inform the shareholder whether the documents received are sufficient
for the vote to be deemed valid or the procedures and terms for any rectification or for resending, if necessary.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">If any shareholder wishes to include proposals for candidates
to be members of the Fiscal Council in the distance voting instruments, it will be required to submit such proposals by correspondence
sent to the address Rua Dr. Renato Paes de Barros, 1017, 4<SUP>th</SUP> floor, ZIP Code 04530-001, S&atilde;o Paulo/SP, Brazil, to the
attention of the Investor Relations Department (<I>Departamento de Rela&ccedil;&otilde;es com Investidores</I>), along with the documents
concerning the proposal (including the information mentioned in Article 21-M of CVM Instruction 481/09) and the status and interest of
the shareholder, within the terms and in the manner established in the applicable regulation.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-family: Times New Roman,serif"><B>2.4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>MECHANISMS FOR CONFLICT OF INTERESTS MANAGEMENT</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">According to the practice recommended in item 5.2.3 of the
Brazilian Code of Corporate Governance (<I>C&oacute;digo Brasileiro de Governan&ccedil;a Corporativa</I>), the Company has mechanisms
for managing conflicts of interests in the voting submitted to the shareholders&#8217; meetings.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Article 115, &sect;1 of Law No. 6,404/76 provides that the
shareholder may not vote on the resolutions at the shareholders&#8217; meeting that relate to the appraisal report of assets to which
the shareholder may contribute on the formation of the capital stock and to the approval of its accounts as manager, nor in any other
resolutions that might benefit the shareholder in a particular way, or in which the shareholder has a conflicting interest with the Company&#8217;s
interest.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">During the AGOE, in case of allegation, by any of the shareholders
present at the meeting, of an alleged conflict of interest of another shareholder that impedes him of voting at the meeting, or, even,
in case of occurrence of another legal hypothesis of voting impediment (including, as the case may be, of participation in a separate
voting for the election of a member of the Fiscal Council), and if the shareholder himself has not declared an impediment, the chairman
or secretary of the meeting shall postpone the resolution in order to listen and receive such allegation (which shall include the name
of the shareholder in potential conflict, the matter to be resolved and the alleged existent conflict), with the possible manifestation
in contrary from the relevant shareholder, before putting the matter to a vote. The chairman of the meeting himself may, in identifying
a potential voting impediment, request clarifications on the situation from the shareholder, before putting the matter to a vote. If an
impediment is confirmed, the relevant shareholder must be immediately absent from the discussions on the matter and abstain from voting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">If a conflict situation is identified by a shareholder and
such situation is not informed as set forth above, such shareholder must inform the Company of the situation within fifteen days as of
the date of the AGOE, so that the management of the Company can take the appropriate measures with regard to the resolution.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">In line with the understandings of CVM, in situations in which
the voting impediment is clear and the shareholder does not abstain from voting, the chairman of the meeting has the power to declare
such impediment, not being allowed to impede the voting in other situations, notwithstanding the legal provisions on the potential nullity
of the casted vote.</P>


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<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif; text-transform: uppercase"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; text-transform: uppercase"><B>CALL NOTICE </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The shareholders of Ambev S.A. (&#8220;<U>Company</U>&#8221;)
are invited to attend the Ordinary and Extraordinary General Meetings (&#8220;<U>AGOE</U>&#8221;) to be held on April 29, 2022, at 2:00
p.m., in an exclusively digital form through Zoom digital platform (&#8220;<U>Digital Platform</U>&#8221;), to be considered as taken
place at the Company&#8217;s headquarters for the purposes of article 4, &sect;2, item I, &sect;3, and article 21-C, &sect;&sect;2 and
3 of the Brazilian Securities Commission (&#8220;<U>CVM</U>&#8221;) Instruction No. 481/09. The following agenda shall be resolved:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ordinary General
Meeting</U>:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;analyze
and approve the management accounts, with examination, discussion and voting on the financial statements related to the fiscal year ended
December 31, 2021;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;discuss
the allocation of the net profits for the fiscal year ended December 31, 2021;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;elect
the effective and alternate members of the Fiscal Council for a term in office of one (1) year, which shall end on the Ordinary General
Meeting to be held in 2023; and</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;establish
the overall management compensation for the fiscal year of 2022;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;establish
the compensation of the members of the Fiscal Council for the fiscal year of 2022.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Extraordinary
General Meeting</U>:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
the Company's bylaws to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 72pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
item &#8220;m&#8221; and include item &#8220;q&#8221; of article 3 of the bylaws, to detail in the corporate purpose the ancillary activities
related to the main activities carried out by the Company, and</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 72pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 72pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
the heading of article 5 in order to reflect the capital increases approved by the Board of Directors up to the date of the AGOE, within
the authorized capital limit;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;consolidate
the Company&#8217;s by-laws.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>General Information:</U></B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February 24,
2022, the following documents were published on the newspaper &#8220;Valor Econ&ocirc;mico&#8221;: (i) the annual management report; (ii)
the financial statements regarding the fiscal year ended on December 31, 2021; (iii) the report of the independent accountant&#8217;s
opinion; and (iv) the Fiscal Council&#8217;s opinion.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents
and information referred to above and those listed in CVM Ruling No. 481/09 were presented to the Comiss&atilde;o de Valores Mobili&aacute;rios
(&#8220;<U>CVM</U>&#8221;) by means of its information system Empresas.Net, in accordance with Article 6 of such Ruling, and are available
to the shareholders at the Company&#8217;s headquarters, on its Investor Relations website (ri.ambev.com.br), and on the websites of B3
S.A. &#8211; Brasil, Bolsa Balc&atilde;o (&#8220;<U>B3</U>&#8221;) (www.b3.com.br) and CVM (www.cvm.gov.br).</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The AGOE shall
be held in an exclusively digital form, through the Digital Platform, pursuant to the CVM Instruction No. 481/09 and in accordance with
the instructions detailed in this Call Notice (&#8220;<U>Notice</U>&#8221;), in the Management
Proposal (&#8220;<U>Management Proposal</U>&#8221;) and in the Manual for the Meetings (&#8220;<U>Manual</U>&#8221;) disclosed by the
Company.</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With due regard
for the procedures described in this Notice, in the Management Proposal and in the Manual, shareholders who decide to participate in the
AGOE shall send to the Company via email to the Investor Relations Department (ri@ambev.com.br), until April 27, 2022, at 2:00 p.m., Bras&iacute;lia
time (according to the term provided for in article 5, &sect;3, of the CVM Instruction No. 481/09): (i) a statement attesting their respective
stock ownership, issued by qualified entity, within forty-eight (48) hours prior to the date of the AGOE, for shareholders taking part
in the Registered Stocks Fungible Custody of B3 S.A. - Brasil, Bolsa, Balc&atilde;o (&#8220;B3&#8221;); and (ii) scanned copies of the
following documents:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&#8226; <U>Individual Shareholders</U>: identity document
with photo of the shareholder;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&#8226; <U>Corporate Shareholders</U>: (a) last consolidated
bylaws or articles of association, as the case may be; (b) other documents that evidence the powers granted to the legal representative(s)
of the shareholder, pursuant to its bylaws or articles of association, including, without limitation, minutes of election of directors,
officers, powers of attorney, among others; and (c) identity document with photo of the legal representative(s);</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&#8226; <U>Investment Funds</U>: (a) last consolidated regulations
of the fund; (b) bylaws or articles of association of its administrator or manager, as the case may be, subject to the voting policy of
the fund; (c) other documents that evidence the powers granted to the legal representative(s) of the manager or administrator of the fund,
as the case may be; and (d) identity document with photo of the legal representative(s).</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The electronic
participation system to be made available by the Company will allow Shareholders registered within the aforementioned period to participate,
express themselves and vote at the AGOE without being physically present, under the terms established by CVM Instruction No. 622/20. The
detailed rules and guidelines, as well as the procedures and additional information for the Shareholder's participation in the Meeting
through the Digital Platform are included in the Manual.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders may
exercise their voting rights through: (i) distance voting instrument, with the remittance of voting instructions prior to the holding
of the AGOE; or, (ii) participation via Digital Platform at the time of the Meetings. Under the terms of CVM Instruction No. 481/09, the
shareholder that wishes to exercise its voting right through the distance voting instrument, shall send it: 1) to the Company&#8217;s
issued shares bookkeeper; 2) to their custodian agents who provide this service, in the case of shareholders holding shares deposited
in a central depository; or 3) directly to the Company. For additional information, the shareholder shall observe the rules set forth
in item 12.2 of Company&#8217;s Reference Form, in the CVM Instruction No. 481/09, and the procedures described in the Management Proposal
and in the Manual. Participation via Digital Platform shall be restricted to the shareholders, their representatives or attorneys-in-fact,
as the case may be, who have been accredited under the terms described in item 4 above of this Notice, under the terms of the Manual,
and who join the Digital Platform until the moment of opening of Meetings&#8217; proceedings.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center">S&atilde;o Paulo, March 29, 2022.</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center">Victorio Carlos De Marchi</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center">Co-Chairman of the Board of Directors</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif; text-transform: uppercase"><B>4.</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt; text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-family: Times New Roman,serif">INFORMATION REGARDING THE MATTERS IN THE AGENDA</FONT></B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-family: Times New Roman,serif"><B>4.1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>ORDINARY SHAREHOLDER&#8217;S MEETING</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>4.1.1. Analysis of the management accounts, examination,
discussion and voting on the financial statements for the fiscal year ended December 31, 2021;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We propose the approval of the management accounts and the
financial statements relating to the fiscal year ended December 31, 2021, as disclosed on February 24, 2022 on the websites of the CVM
and the B3, through the Periodic Information System (<I>Sistema de Informa&ccedil;&otilde;es Peri&oacute;dicas</I>), on the Company&#8217;s
website (www.ri.ambev.com.br) and on the newspaper <I>Valor Econ&ocirc;mico</I>.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We stress that, under the terms of article 9, item III, of
CVM Instruction No. 481/09, the information disclosed in <U>Exhibit A.I</U> to this Proposal reflect our comments on the financial situation
of the Company.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>4.1.2. Allocation of the net profits for the year ended
December 31, 2021 and ratification of the payment of interest on own capital and dividends for the year ended December 31, 2021, approved
by the Board of Directors at the meeting held on December 9, 2021;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We propose that the net profit for the fiscal year ended on
December 31, 2021 be allocated as indicated below, which is defined in details in <U>Exhibit A.II</U> of this Management Proposal, prepared
in accordance with article 9, sole paragraph, item II, of CVM Instruction 481/09. It is further proposed to ratify the payments of interest
on own capital and dividends relating to the fiscal year ended on December 31, 2021, approved by the Board of Directors at the meeting
held on December 9, 2021.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 63%; border: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">Net Profits</FONT></TD>
    <TD STYLE="width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;12,670,968,081.06</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">Amount allocated to the Tax Incentives Reserve</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;(1,423,467,375.24)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">Amount allocated to payment of dividends and / or interest on own capital (gross), declared based on the net profit relating to the fiscal year ended December 31, 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: right">R$&nbsp;(9,499,622,850.96)</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">Amount allocated to the Investments Reserve<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;3,848,112,086.57</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><SUP>(1) </SUP>Including values relating to (i) reversion of effects of the revaluation of fixed assets in the amount of R$ 11,823,167.53; (ii) effect of application of IAS 29/CPC 42 (hyperinflation) in the amount of R$ 2,063,722,000.00; and (iii) expired dividends in the amount of R$ 24,689,064.16, as detailed in Exhibit A.II to the Proposal.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>4.1.3. Election of the effective and alternate members
of the Fiscal Council for a term in office ending at the Ordinary Shareholders&#8217; Meeting to be held in 2023, pursuant to the terms
of the Company's by-laws. </I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The controlling shareholders appoint as members of the Fiscal
Council the individuals qualified below, who will compose the &#8220;Controlling Shareholder Slate &#8211; Fiscal Council&#8221;:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Jos&eacute; Ronaldo Vilela Rezende</B>,
Brazilian, married, accountant, bearer of Identity Card RG No. M-2.399.128 SSP/MG, enrolled with the CPF/ME under No. 501.889.846-15,
resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, to take office as an effective member of the Fiscal
Council of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Elidie Palma Bifano</B>, Brazilian,
married, lawyer, bearer of Identity Card RG No. 3.076.167SSP/SP, enrolled with the CPF/ME under No. 395.907.558-87, resident and domiciled
in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, to take office as an effective member of the Fiscal Council of the Company;
</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Emanuel Sotelino Schifferle</B>, Brazilian,
married, engineer, bearer of Identity Card RG No. 01.433.665-5 IFP/RJ, enrolled with the CPF/ME under No. 009.251.367-00, resident and
domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, to take office as an alternate member of the Fiscal Council of the Company;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Eduardo Rogatto Luque</B>, Brazilian,
married, accountant, bearer of the Identity Card RG No. 17.841.962-X SSP/SP, enrolled with the CPF/ME under No. 142.773.658-84, resident
and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, to take office as an alternate member of the Fiscal Council
of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, <I>Caixa de Previd&ecirc;ncia dos Funcion&aacute;rios
do Banco do Brasil &#8211; PREVI</I>, pursuant to article 161, paragraph 4, item &#8220;a&#8221;, of Law No. 6,404/76 informed the Company's
management that it will appoint for the position of members of the Fiscal Council:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, Mr. <B>Vinicius Balbino Bouhid</B>, Brazilian
citizen, single, engineer, bearer of Identity Card RG No. 029.562.824 - DETRAN/RJ, enrolled with the CPF/ME under No. 667.460.867/04,
resident and domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, to take office as an effective member of the Company's
Fiscal Council; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Carlos Tersandro Fonseca Adeodato</B>,
Brazilian, divorced, economist, bearer of Identity Card RG No. 10482 CRE/RJ, enrolled with the CPF/ME under No.&nbsp;337.770.397-72, resident
and domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, to take office as an alternate member of the Company&#8217;s Fiscal
Council.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We clarify that, under the terms of article 10 of CVM Ruling
481/09, the information referring to the candidates nominated as members of the Fiscal Council of the Company listed above are further
detailed in <U>Exhibit A.III</U> of this Management Proposal.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>4.1.4. Establishment of the global compensation of the
managers for year 2022.</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We propose that the global compensation of the managers for
the year 2022 (that is, between January 1, 2022 and December 31, 2022) be established in the global amount of up to R$121.572.686,14.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">According to the CVM guidance (item 3.4.5 of Circular-Notice/Annual-2022-CVM/SEP
&#8211; &#8220;<U>Circular Notice</U>&#8221;), the global amount of managers&#8217; compensation to be approved in the Ordinary Shareholders&#8217;
Meeting according to article 152 of Law No. 6,404/76 must include, besides the fixed compensation and short-term variable of the managers,
the expenses relating to the recognition of the fair value of the call options and/or the shares that the Company intends to grant in
the fiscal year.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We stress that, therefore, in the global amount of managers&#8217;
compensation are included (i) the expenses associated with the recognition of the fair value of the stick options the Company intends
to grant in this fiscal year based on the Stock Option Plan, dated as of June 30, 2013 (&#8220;<U>Option Plan</U>&#8221;); and (ii) the
expenses associated with the recognition of the fair value of the share-based compensation the Company intends to enforce in this fiscal
year based on the Share-Based Compensation Plan, dated as of April 29, 2016, as amended on April 24, 2020 (&#8220;<U>Stock Plan</U>&#8221;,
and together with &#8220;Option Plan&#8221;, the &#8220;<U>Plans</U>&#8221;), in both cases with accounting, and not financial, effects
set forth in CPC 10. Additionally, it should be noted that the global compensation proposed for 2022 considers the current composition
of the Board of Officers, as approved by the Board of Directors at the meeting held on December 22, 2021.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The compensation of the members of the Board of Directors
is divided into: (i) fixed compensation, which is aligned with market average; and (ii) variable compensation, considering the sustainable
growth of the Company and its businesses in the long term, with the purpose of stimulating and rewarding significant results through profit
sharing. The Company also has the Option Plan and the Stock Plan, as described in item 13.4 of Exhibit A.IV of the Management Proposal.</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, some members of the Board of Directors participate
in the private pension plan, to which the Company also makes partial contributions and are included in the compensation to be approved.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The model adopted to define the compensation of the Board
of Directors is aligned with market best practices for companies with businesses, risks and complexity similar to those of Ambev.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The compensation of the Board of Officers is divided into
fixed and variable components, with the base salary (fixed component) aligned with market average, and the variable compensation (profit
sharing) being the main long-term incentive. The members of the Board of Officers are offered options and/or shares granted within the
scope of the Plans approved by General Shareholders&#8217; Meeting and, eventually, in the case of executives identified as having high
potential for the long term, through the granting of Share Appreciation Rights. The purpose is to promote the alignment of executives&#8217;
interests to generate long-term value.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The definition of the compensation of the Company&#8217;s
Board of Officers observes the following principles: (i) the compensation is an instrument for attracting and retaining talents; (ii)
the compensation must be competitive in relation to the companies that operate in the same market in which the Company operates (consumer
goods market); (iii) the compensation must be aligned with Company&#8217;s performance culture, with greater emphasis being placed on
its variable component, based on results and exceptional performance; (iv) the compensation must provide long-term value construction;
(v) the compensation must take into account organizational and individual development; (vi) the compensation must involve cascading of
goals, in order to create alignment across the organization; and (vii) the compensation must be linked to company&#8217;s success in the
medium and long term.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The members of the Board of Officers are entitled to receive
the benefits set forth in the Company&#8217;s benefits policy, as described in the Company&#8217;s Reference Form and available on the
CVM and Company&#8217;s websites.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Annually, the Operations, Finance and Compensation Committee
assesses the retention of Company&#8217;s talents, which includes an analysis of the need to adapt the compensation practices adopted
by the Company. If such committee deems it necessary, adjustments to these practices are proposed to the Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We inform that the amount paid as global compensation attributed
to the managers of the Company for the year 2021 was R$ 109,256,041.93. Such amount is inferior to the limit approved by the Annual Shareholders&#8217;
Meeting held on April 29, 2021, of R$&nbsp;123,529,137.63 for the managers. The difference verified between the limits approved by the
Ordinary Shareholders&#8217; Meeting of the Company on April 29, 2021 and the amounts actually paid as per the global compensation attributed
to the managers is justified, mainly, due to the variable component of the compensation, which is linked to specific performance goals
of the managers and the Company, that were not entirely met.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, according to the understanding of the CVM Collegiate
body in the Proceeding No. 19957.007457/2018-10, included in the Circular Notice, the overall compensation of the management must be net
of employer&#8217;s payroll charges, which are not covered by the definition of &#8220;benefit of any kind&#8221; set forth in article
152 of Law No. 6,404/76. For comparative purposes, this year&#8217;s payroll charges were separately disclosed by the Company in item
13.16 of <U>Exhibit A.IV</U> to this Management Proposal. Please note that the information required for the necessary analysis of the
proposal of compensation of the managers, as provided in article 12 of CVM Ruling 481/09, is set forth in <U>Exhibit A.IV</U> to this Management
Proposal, more specifically in items 13.1 to 13.4.</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>4.1.5. Establishment of the compensation of the members
of the Fiscal Council</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We propose that the global compensation of the Fiscal Council,
for the year 2022 (that is, between January 1, 2022 and December 31, 2022), be established in the global amount of up to R$ 2,017,453.72,
with the compensation of the alternate members corresponding to half of the amount received by the effective members, which is in compliance
with Law No. 6,404/76.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We inform that the amount paid as compensation of the members
of the Company's Fiscal Council for the year 2021 was R$ 1,808,132.40.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>4.2. EXTRAORDINARY SHAREHOLDERS&#8217; MEETING</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>4.2.6. Amendment of the Company&#8217;s Bylaws to:</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We propose that the Company&#8217;s Bylaws be amended, as
detailed in <U>Exhibit B.I</U> to the Management Proposal, in order to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman,serif"><I>(a)</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">amend item &#8220;m&#8221; and include item &#8220;q&#8221;, both of article 3:</FONT></I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Management proposes the amendment
to detail in the business purpose (i) activities relating to the Company's logistics operations, including warehouse operations in general;
and (ii) the sale of products for household, commercial and/or personal consumption in general, with no restriction, as detailed in <U>Exhibit
B.I</U> to the Management Proposal.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">The detailing of the corporate purpose
proposed herein does not modify the Company&#8217;s operating segment and its predominant activities, representing nothing more than an
addition of ancillary or integrated activities with those already performed by the Company, compatible with its purposes and, therefore,
if approved, will not give rise to shareholders&#8217; right to withdraw under the terms of articles 136, VI, and 137, I, of Law No. 6,404/76.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman,serif"><I>(b)</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">amend the heading of article 5 to reflect the capital increases approved by the
Company&#8217;s Board of Directors, within the authorized capital limit until the date of the Annual Shareholders&#8217; Meeting:</FONT></I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">If this proposal is approved, the language
of the heading of article 5 of the Company&#8217;s Bylaws will be in force as set provided in <U>Exhibit B.I</U> to the Management Proposal.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>4.2.7. Approve the consolidation of the Company&#8217;s
Bylaws.</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">In order to reflect the foregoing approved amendments, the
Management proposes the restatement of the Company&#8217;s Bylaws, under the terms of the <U>Exhibit B.I</U> to the Management Proposal.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>4.3. DOCUMENTS DISCLOSED TO SHAREHOLDERS</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The following documents were published on February 24, 2022
on the newspaper &#8220;Valor Econ&ocirc;mico&#8221;: (i) the annual management report; (ii) the financial statements regarding the fiscal
year ended on December 31, 2021; (iii) the report of the independent accountant&#8217;s opinion; and (iv) the Fiscal Council&#8217;s opinion.</P>

<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The documents and information referred to above and those
listed in CVM Ruling No. 481/09 were presented to the Comiss&atilde;o de Valores Mobili&aacute;rios &#8211; CVM by means of its information
system <I>Empresas.Net</I>, in accordance with Article 6 of such Ruling, and are available to the</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">shareholders at the Company&#8217;s headquarters, on its
Investor Relations website (<FONT STYLE="font-family: Times New Roman,serif; color: Blue"><U>ri.ambev.com.br</U></FONT><FONT STYLE="font-family: Times New Roman,serif">),
and on the websites of B3 (<FONT STYLE="color: Blue"><U>www.b3.com.br</U></FONT>) and CVM (<FONT STYLE="color: Blue"><U>www.cvm.gov.br</U></FONT>).</FONT></P>


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<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>EXHIBIT</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>AMBEV S.A.</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>MANAGEMENT PROPOSAL</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>ORDINARY AND EXTRAORDINARY </B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>SHAREHOLDERS&#8217; MEETINGS</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>MARCH 29, 2022</B></P>


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<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: center"><B>AMBEV S.A.</B></P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: center">CNPJ/ME [National Corporate Taxpayers Register of the
Ministry of Economy] No. 07.526.557/0001-00</P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: center">NIRE [Corporate Registration Identification Number] 35.300.368.941</P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: justify">To the Shareholders,</P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: justify">We hereby present the following Management Proposal regarding
the matters set forth in the agenda for the Ordinary and Extraordinary Shareholders&#8217; Meetings of Ambev S.A. (&#8220;<U>Company</U>&#8221;
and &#8220;<U>AGOE</U>&#8221;, respectively) to be held, cumulatively, on April 29, 2022, at 2:00 p.m. (&#8220;<U>Proposal</U>&#8221;):</P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>A.</B></TD><TD STYLE="text-align: justify"><B>Annual Shareholders&#8217; Meeting:</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>1.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Analysis of the management accounts, examination, discussion and voting on the
financial statements for the fiscal year ended December 31, 2021;</FONT></I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We propose that the management accounts are approved and the
financial statements relating to the fiscal year ended December 31, 2021, as disclosed on February 24, 2021 on the websites of the Brazilian
Securities Commission (&#8220;<U>CVM</U>&#8221;) and the B3 S.A. &#8211; Brasil, Bolsa, Balc&atilde;o, through the Periodic Information
System (<I>Sistema de Informa&ccedil;&otilde;es Peri&oacute;dicas</I>), on the Company&#8217;s website (www.ri.ambev.com.br) and on the
newspaper <I>Valor Econ&ocirc;mico</I>.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We stress that, under the terms of article 9, item III, of
CVM Ruling No. 481, of December 17, 2009 (&#8220;<U>CVM Ruling 481/09</U>&#8221;), the information disclosed in <U>Exhibit A.I</U> to
this Management Proposal reflect our comments on the financial situation of the Company.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>2.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Allocation of the net profits for the year ended December 31, 2021 and ratification
of the payment of interest on own capital and dividends for the year ended December 31, 2021, approved by the Board of Directors at the
meeting held on December 9, 2021;</FONT></I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We propose that the net profit for the fiscal year ended on
December 31, 2021 be allocated as indicated below, which is defined in details in <U>Exhibit A.II</U> of this Management Proposal, prepared
in accordance with article 9, sole paragraph, item II, of CVM Ruling 481/09. It is further proposed to ratify the payments of interest
on own capital and dividends relating to the fiscal year ended on December 31, 2021, approved by the Board of Directors at the meeting
held on December 9, 2021.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 63%; border: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Net Profits</FONT></TD>
    <TD STYLE="width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$ 12,670,968,081.06</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Amount allocated to the Tax Incentives Reserve</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$ (1,423,467,375.24)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Amount allocated to payment of dividends and / or interest on own capital (gross), declared based on the net profit relating to the fiscal year ended December 31, 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$ (9,499,622,850.96)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Amount allocated to the Investments Reserve<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$ 3,848,112,086.57</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><SUP>(1) </SUP>Including values relating to (i) reversion of effects of the revaluation of fixed assets in the amount of R$ 11,823,167.53; (ii) effect of application of IAS 29/CPC 42 (hyperinflation) in the amount of R$ 2,063,722,000.00; and (iii) expired dividends in the amount of R$ 24,689,064.16, as detailed in <U>Exhibit A.II</U> to this Management Proposal.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>3.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Election of the effective and alternate members of the Fiscal Council for a term
in office ending at the Ordinary Shareholders&#8217; Meeting to be held in 2023, pursuant to the terms of the Company's by-laws. </FONT></I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The controlling shareholders appoint as members of the Fiscal
Council the individuals qualified below, who will compose the &#8220;Controlling Shareholder Slate &#8211; Fiscal Council&#8221;:</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Jos&eacute; Ronaldo Vilela Rezende</B>,
Brazilian, married, accountant, bearer of Identity Card RG No. M-2.399.128 SSP/MG, enrolled with the CPF/ME under No. 501.889.846-15,
resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, to take office as an effective member of the Fiscal
Council of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Elidie Palma Bifano</B>, Brazilian,
married, lawyer, bearer of Identity Card RG No. 3.076.167SSP/SP, enrolled with the CPF/ME under No. 395.907.558-87, resident and domiciled
in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, to take office as an effective member of the Fiscal Council of the Company;
</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Emanuel Sotelino Schifferle</B>, Brazilian,
married, engineer, bearer of Identity Card RG No. 01.433.665-5 IFP/RJ, enrolled with the CPF/ME under No. 009.251.367-00, resident and
domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, to take office as an alternate member of the Fiscal Council of the Company;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Eduardo Rogatto Luque</B>, Brazilian,
married, accountant, bearer of the Identity Card RG No. 17.841.962-X SSP/SP, enrolled with the CPF/ME under No. 142.773.658-84, resident
and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, to take office as an alternate member of the Fiscal Council
of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, <I>Caixa de Previd&ecirc;ncia dos Funcion&aacute;rios
do Banco do Brasil &#8211; PREVI</I>, pursuant to article 161, paragraph 4, item &#8220;a&#8221;, of Law No. 6,404/76 informed the Company's
management that it will appoint for the position of members of the Fiscal Council:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, Mr. <B>Vinicius Balbino Bouhid</B>, Brazilian
citizen, single, engineer, bearer of Identity Card RG No. 029.562.824 - DETRAN/RJ, enrolled with the CPF/ME under No. 667.460.867/04,
resident and domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, to take office as an effective member of the Company's
Fiscal Council; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Carlos Tersandro Fonseca Adeodato</B>,
Brazilian, divorced, economist, bearer of Identity Card RG No. 10482 CRE/RJ, enrolled with the CPF/ME under No.&nbsp;337.770.397-72, resident
and domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, to take office as an alternate member of the Company&#8217;s Fiscal
Council.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We clarify that, under the terms of article 10 of CVM Ruling
481/09, the information referring to the candidates nominated as members of the Fiscal Council of the Company listed above are further
detailed in <U>Exhibit A.III</U> of this Management Proposal.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>4.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Establishment of the global compensation of the managers for year 2022.</FONT></I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We propose that the global compensation of the managers for
the year 2022 (that is, between January 1, 2022 and December 31, 2022) be established in the global amount of up to R$ 121,572,686.14.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">According to the CVM guidance (item 3.4.5 of Circular-Notice/Annual-2022-CVM/SEP
&#8211; &#8220;<U>Circular Notice</U>&#8221;), the global amount of managers&#8217; compensation to be approved in the Ordinary Shareholders&#8217;
Meeting according to article 152 of Law No. 6,404/76 must include, besides the fixed compensation and short-term variable of the managers,
the expenses relating to the recognition of the fair value of the call options and/or the shares that the Company intends to grant in
the fiscal year.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We stress that, therefore, in the global amount of managers&#8217;
compensation are included (i) the expenses associated with the recognition of the fair value of the stick options the Company intends
to grant in this fiscal year based on the Stock Option Plan, dated as of June 30, 2013 (&#8220;<U>Option</U></P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Plan&#8221;); and (ii) the expenses associated with the recognition
of the fair value of the share-based compensation the Company intends to enforce in this fiscal year based on the Share-Based Compensation
Plan, dated as of April 29, 2016, as amended on April 24, 2020 (&#8220;<U>Stock Plan</U>&#8221;, and together with &#8220;Option Plan&#8221;,
the &#8220;<U>Plans</U>&#8221;), in both cases with accounting, and not financial, effects set forth in CPC 10. Additionally, it should
be noted that the global compensation proposed for 2022 considers the current composition of the Board Of Officers, as approved by the
Board of Directors at the meeting held on December 22, 2021.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The model adopted to define the compensation of the Board
of Directors is aligned with market best practices for companies with businesses, risks and complexity similar to Ambev&#8217;s.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The compensation of the members of the Board of Directors
is divided into: (i) fixed compensation, which is aligned with market average; and (ii) variable compensation, considering the sustainable
growth of the Company and its businesses in the long term, with the purpose of stimulating and rewarding significant results through profit
sharing. As mentioned above, the Company also has the Option Plan and the Stock Plan, as described in item 13.4 of <U>Exhibit IV</U> of
this Proposal.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, some members of the Board of Directors participate
in the private pension plan, to which the Company also makes partial contributions that are included in the compensation to be approved.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The compensation of the Board of Officers is divided into
fixed and variable components, with the base salary (fixed component) aligned with market average and the variable compensation (profit
sharing) the main long-term incentive. The members of the Board of Officers are offered options and/or shares granted within the scope
of the Plans approved by General Shareholders&#8217; Meetings and, eventually, in the case of executives identified as having high potential
for the long term, Share Appreciation Rights are granted. The purpose is to promote the alignment of executives&#8217; interests to generate
long-term value for the Company.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The definition of the compensation of the Company&#8217;s
Board of Officers observes the following principles: (i) the compensation is an instrument for attracting and retaining talents; (ii)
the compensation must be competitive in relation to the companies that operate in the same market in which the Company operates; (iii)
the compensation must be aligned with Company&#8217;s performance culture, with greater emphasis being placed on its variable component,
based on results and exceptional performance; (iv) the compensation must provide long-term value construction; (v) the compensation must
take into account organizational and individual development; (vi) the compensation must involve cascading of goals, in order to create
alignment across the organization; and (vii) the compensation must be linked to Company&#8217;s success in the medium and long term.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">The members of the Board of Officers are entitled to receive
the benefits set forth in the Company&#8217;s benefits policy, as described in the Company&#8217;s Reference Form and available on the
CVM and Company&#8217;s Investor Relations&#8217; websites.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Furthermore, annually, the Operations, Finance and Compensation
Committee assesses the retention of Company&#8217;s talents, which includes an analysis of the need to adapt the compensation practices
adopted by the Company. If such committee deems it necessary, adjustments to these practices are proposed to the Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We inform that the amount paid as global compensation attributed
to the managers of the Company for the year 2021 was R$&nbsp;109,256,041.93. Such amount is inferior to the limit approved by the Annual
Shareholders&#8217; Meeting held on April 29, 2021, of R$&nbsp;123,529,137.63 for the managers. The difference verified between the limits
approved by the Ordinary Shareholders&#8217; Meeting of the Company on April 29, 2021 and the amounts actually paid as per the global</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">compensation attributed to the managers is justified, mainly,
due to the variable component of the compensation, which is linked to specific performance goals of the managers and the Company, that
were not entirely met.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Finally, according to the understanding of the CVM Collegiate
body in the Proceeding No. 19957.007457/2018-10, included in the Circular Notice, the overall compensation of the management must be net
of employer&#8217;s payroll charges, which are not covered by the definition of &#8220;benefit of any kind&#8221; set forth in article
152 of Law No. 6,404/76. For comparative purposes, this year&#8217;s payroll charges were separately disclosed by the Company in item
13.16 of <U>Exhibit A.IV</U> to this Proposal. Please note that the information required for the necessary analysis of the proposal of
compensation of the managers, as provided in article 12 of CVM Ruling 481/09, is set forth in <U>Exhibit A.IV</U> to this Management Proposal,
more specifically in items 13.1 and 13.4.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>5.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Establishment of the compensation of the members of the Fiscal Council</FONT></I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We propose that the global compensation of the Fiscal Council,
for the year 2022 (that is, between January 1, 2022 and December 31, 2022), be established in the global amount of up to R$ 2.017.453,72,
with the compensation of the alternate members corresponding to half of the amount received by the effective members, which is in compliance
with Law No. 6,404/76.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We inform that the amount paid to the global compensation
account attributed to the members of the Company's Fiscal Council for the year 2021 was R$ 1,808,132.40.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>B.</B></TD><TD STYLE="text-align: justify"><B>Extraordinary Shareholders&#8217; Meeting:</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>6.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Amendment of the Company&#8217;s Bylaws to:</FONT></I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">We propose that the Company&#8217;s Bylaws be amended, as
detailed in <U>Exhibit B.I</U> to this Proposal, in order to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman,serif"><I>(c)</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">amend item &#8220;m&#8221; and include item &#8220;q&#8221;, both from article
3:</FONT></I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Management proposes the amendment
to detail in the business purpose (i) activities relating to the Company's logistics operations, including warehouse operations in general;
and (ii) sales of household, commercial and/or personal consumer products in general, with no restrictions, as detailed in <U>Exhibit
B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">The detailing of the corporate purpose
proposed herein does not modify the Company&#8217;s operating segment and its predominant activities, representing nothing more than an
addition of ancillary or integrated activities with those already performed by the Company, compatible with its purposes and, therefore,
if approved, will not give rise to shareholders&#8217; right to withdraw under the terms of articles 136, VI, and 137, I, of Law No. 6,404/76.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman,serif"><I>(d)</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">amend the heading of article 5 to reflect the capital increases approved by the
Company&#8217;s Board of Directors, within the authorized capital limit until the date of the Annual Shareholders&#8217; Meeting:</FONT></I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 35.45pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 35.45pt">If this proposal is approved, the language
of the heading of article 5 of the Company&#8217;s Bylaws will be in force as set provided in <U>Exhibit B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif">7.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-family: Times New Roman,serif"><I>Approve the consolidation of the Company&#8217;s Bylaws.</I></FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">In order to reflect the foregoing amendments, the Management
proposes the restatement of the Company&#8217;s Bylaws, under the terms of the <U>Exhibit B.I</U> to this Management Proposal.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: center">S&atilde;o Paulo, March 29, 2022.</P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: center">The Management</P>

<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0; text-align: center">Ambev S.A</P>

<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 12pt 0 0 36pt; text-align: center; text-indent: -36pt"><FONT STYLE="font-variant: small-caps"><B><U>EXHIBIT
A.I &#8211; COMMENTS FROM THE MANAGEMENT</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0 0 6pt; text-align: center"><B>(as Item 10 to Annex 24 to CVM Instruction
480/09)</B></P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>10.1 &#8211; General financial and asset conditions
</B></P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The financial information included in this section,
except if otherwise expressly set forth, refer to our consolidated accounting statements related to the fiscal years that ended on December
31, 2021, 2020 and 2019. Our consolidated audited accounting statements were prepared in accordance with the International Financial Reporting
Standards (&#8220;IFRSs&#8221;), issued by the International Accounting Standards Board (&#8220;IASB&#8221;), and in accordance with the
accounting practices adopted in Brazil, that comprehend the accounting practices set forth in Law No. 6404/76 and the pronouncements,
guidance and interpretations issued by the Accounting Pronouncement Committee (<I>Comit&ecirc; de Pronunciamentos Cont&aacute;beis</I>
&#8211; CPC) and approved by CVM.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">On January 1, 2019, we adopted IFRS 16 which establishes
principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under
a single on-balance sheet model similar to the accounting for finance leases under IAS 17. IFRS 16 Leases replaces the current lease accounting
requirements and introduces significant changes in the accounting, removing the distinction between operating and finance leases under
IAS 17 Leases and related interpretations, and requires a lessee to recognize a right-of-use asset and a lease liability at lease commencement
date. The impact to the accounting statements is demonstrated in the recognition of right-of-use assets and lease liabilities in the balance
sheet.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The terms &#8220;Vertical Analysis&#8221; and &#8220;Variation&#8221;
in the columns of certain tables below mean, respectively, (i) the percentage or line item in relation to the net income for the periods
applicable to the results of our operations, or in relation to the total assets on the dates applicable to the statement of our balance
sheet, and (ii) the comparison of ratios or line items in our combined accounting statements over a period of time.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">For information on the effects of the COVID-19 pandemic
on Company&#8217;s activities and its financial condition, see item 10.9 of this <U>Exhibit A.I</U>.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The information under this item 10 of the <U>Exhibit
A.I</U> must be read and analyzed together with our consolidated accounting statements, available at our website (<FONT STYLE="color: blue">ri.ambev.com.br<U>/en/</U></FONT>)
and at the CVM&#8217;s website (<FONT STYLE="color: blue">cvm.gov.br</FONT>).</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>a) general financial and asset conditions.</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Executive Board understands that the Company presents
sufficient equity and financial conditions to implement its business plan and perform its obligations of short and medium term.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2021</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the Company had, in its current
assets, a total of R$ 38,627.1 million, with R$ 18,542.3 million in cash and cash equivalents of the Company. The current liabilities
as of December 31, 2021, amounted to R$ 38,866.4 million. The current liquidity ratio, used to assess the Company&#8217;s capacity of
payment of the short-term obligations, was 1.0x. Its positions of cash net of bank overdrafts and cash net of debt<FONT STYLE="line-height: 115%"><SUP>1</SUP></FONT>
were R$ 18,511.8 million and R$ 15,411.3 million, respectively. The indebtedness indicator of net</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 115%"><SUP>1</SUP></FONT>
<FONT STYLE="font-size: 8pt">The cash net of bank overdrafts position is represented by the balances of cash, cash equivalents and financial
investments being deducted the balance of bank overdrafts. The cash net of debt position is represented by the cash net of bank overdrafts
position added by balances of current financial investments and being deducted the balances of loans and financings. Both the cash net
of bank overdrafts position and the cash net of debt position are performance indicators used by the Company, and they are not measured
according to the Accounting Practices Adopted in Brazil or according to IFRS.</FONT></P>
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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">debt/EBITDA<FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 115%"><SUP>2</SUP></FONT>
was -0.68.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2020</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the Company had, in its current
assets, a total of R$ 35,342.6 million, with R$ 18,790.4 million in cash and cash equivalents of the Company. The current liabilities
as of December 31, 2020, amounted to R$ 33,478.0 million. The current liquidity ratio, used to assess the Company&#8217;s capacity of
payment of the short-term obligations, was 1.1x. Its positions of cash net of bank overdrafts and cash net of debt<FONT STYLE="line-height: 115%"><SUP>3</SUP></FONT>
were R$ 18,790.4 million and R$ 13,998.1 million, respectively. The indebtedness indicator of net debt/EBITDA<FONT STYLE="line-height: 115%"><SUP>4</SUP></FONT>
was -0.65.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2019</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, the Company had, in its current
assets, a total of R$ 27,621.1 million, with R$ 11,915.2 in cash and cash equivalents of the Company. The current liabilities as of December
31, 2019, amounted to R$ 25,011.0 million. The current liquidity ratio, used to assess the Company&#8217;s capacity of payment of the
short-term obligations, was 1.1x. Its positions of cash net of bank overdrafts and cash net of debt were R$ 11,915.2 million and R$ 8,852.4
million, respectively. The indebtedness indicator of net debt/EBITDA was -0.42.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 40%; border: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(<I>in million of Reais</I>)</FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12/31/2020</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12/31/2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Total Current Assets</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">38,627.1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">35,342.6</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">27,621.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Total Current Liabilities</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">38,866.4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">33,478.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">25,011.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Net Working Capital Ratio (CA-CL)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-239.3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,864.7</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,610.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Net Cash of Bank Overdrafts</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">18,511.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">18,790.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11,915.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Cash net of debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">15,411.3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">13,998.1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8,852.4</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 40%; border: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12/31/2020</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12/31/2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Current Liquidity Ratio</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.0</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Indebtedness Indicator (Net Debt / EBITDA)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-0.68</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-0.65</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-0.42</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>b) capital structure.</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Company&#8217;s Officers believe that its capital structure
is adequate to meet the needs of its operations and to continue executing its growth plan.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD ROWSPAN="3" STYLE="white-space: nowrap; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Capital Structure</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>On December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2019</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>R$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>R$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>R$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 115%"><SUP>2</SUP></FONT>
<FONT STYLE="font-size: 8pt">The Company calculates the net debt as the balances of loans and financings being deducted the balances of
current financial investments and cash net of bank overdrafts. The net debt/EBITDA is a performance indicator used by the Company, and
it is not a measure according to the Accounting Practices Adopted in Brazil or according to IFRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 115%"><SUP>3</SUP></FONT>
<FONT STYLE="font-size: 8pt">The cash net of bank overdrafts position is represented by the balances of cash and cash equivalents being
deducted the balance of bank overdrafts. The cash net of debt position is represented by the cash net of bank overdrafts position added
by balances of current financial investments and being deducted the balances of loans and financings. Both the cash net of bank overdrafts
position and the cash net of debt position are performance indicators used by the Company, and they are not measured according to the
Accounting Practices Adopted in Brazil or according to IFRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 115%"><SUP>4</SUP></FONT>
<FONT STYLE="font-size: 8pt">The Company calculates the net debt as the balances of loans and financings being deducted the balances of
current financial investments and cash net of bank overdrafts. The net debt/EBITDA is a performance indicator used by the Company, and
it is not a measure according to the Accounting Practices Adopted in Brazil or according to IFRS.</FONT></P>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 21%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Third-party financing<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">54,584.9</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">39</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">50,045.5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">39,186.9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Equity<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">84,017.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">61</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">75,151.1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">60</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">62,556.0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">61</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0"><SUP>(1)</SUP> The Company&#8217;s third-party financing is represented by
the totality of the current and non-current liabilities.</P>

<P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0"><SUP>(2)</SUP> The Company&#8217;s equity is represented by the consolidated
owner&#8217;s equity.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company&#8217;s capital structure was the following:
(i) as of December 31, 2019 &#8211; 61% of equity and 39% of third-party financing; (ii) as of December 31, 2020 &#8211; 60% of equity
and 40% of third-party financing; and (iii) as of December 31, 2021 &#8211; 61% of equity and 39% of third-party financing.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>c) payment capacity in relation to financial commitments
undertaken.</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 8.2pt; font-size: 11pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 55%; border: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; letter-spacing: -0.05pt">(<I>in million of Reais</I></FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12/31/2020</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12/31/2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; letter-spacing: 0.15pt">Total debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3,100.5</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,792.2</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3,062.8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; letter-spacing: 0.15pt">Short-term debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">847.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,738.8</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">653.1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; letter-spacing: 0.15pt">Total current assets</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">38,627.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">35,342.6</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; letter-spacing: 0.15pt">27,621.1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; letter-spacing: 0.15pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">18,542.3</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">18,790.4</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; letter-spacing: 0.15pt">11,915.2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; letter-spacing: 0.05pt">Current liquidity ratio</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.0x</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.1x</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;1.1x&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; letter-spacing: 0.05pt">Cash net of debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">15,411.3</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">13,998.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8,852.4</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2021</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Considering the Company&#8217;s debt profile, as described
in 10.1(f) below (total debt of R$ 4,792.2 million as of December 31, 2021, of which R$ 847.1 million is short-term debt), its cash flow
and liquidity position evidenced by total current assets (R$ 38,627.1 million), cash and cash equivalents (R$ 18,542.3 million), current
liquidity ratio (1.0x) and cash net of debt (R$ 15,411.3 million), all as of December 31, 2021, indicated in 10.1 (a) above, the directors
believe that the Company has sufficient liquidity and capital resources to cover the investments, costs, expenses, debts and other amounts
payable over the next few years, although they cannot guarantee that this situation will remain unchanged. In case it may be necessary
to take out new loans to finance its investments and acquisitions, the directors believe that the Company has capacity to do so.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2020</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Considering the Company&#8217;s debt profile, as described
in 10.1(f) below (total debt of R$ 4,792.2 million as of December 31, 2020, of which R$ 2,738.8 million is short-term debt), its cash
flow and liquidity position evidenced by total current assets (R$ 35,342.6 million), cash and cash equivalents (R$ 18,790.4 million),
current liquidity ratio (1.1x) and cash net of debt (R$ 13,998.1 million), all as of December 31, 2020, indicated in 10.1 (a) above, the
directors believe that the Company has sufficient liquidity and capital resources to cover the investments, costs, expenses, debts and
other amounts payable over the next few years, although they cannot guarantee that this situation will remain unchanged. In case it may
be necessary to take out new loans to finance its investments and acquisitions, the directors believe that the Company has capacity to
do so.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2019</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Considering the Company&#8217;s debt profile, as described
in 10.1(f) below (total debt of R$ 3,062.8 million as of December 31, 2019, of which R$ 653.1 million is short-term debt), its cash flow
and liquidity position evidenced by total current assets (R$ 27,621.1 million), cash and cash equivalents (R$ 11,915.2 million), current
liquidity ratio (1.1x) and cash net of debt (R$ 8,852.4 million), all as of December 31, 2019, indicated in 10.1 (a) above, the directors
believe that the Company has sufficient liquidity and capital resources to cover the investments, costs, expenses, debts and other amounts
payable over the next few years, although they cannot guarantee that this situation will remain unchanged. In case it may be necessary
to take out new loans to finance its investments and acquisitions, the directors believe that the Company has capacity to do so.</P>


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<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>d) sources of financing for working capital and
investments in non-current assets used.</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company&#8217;s working capital cycle has substantially
evolved every year since 2014 and there is no need to raise new loans to finance working capital.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">With regard to investments in non-current assets, the
Company&#8217;s current cash position and the expected cash flow generation are sufficient to cover these investments. In any case, the
Company has wide access to funding sources should there be an occasional need for supplemental cash funding for such investments.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>e) sources of financing for working capital and
for investments in non-current assets that it intends to use to cover liquidity shortfalls.</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company has access to credit facilities extended
by leading Brazilian and foreign banks, and has already raised funds in domestic and international capital markets. The Company&#8217;s
current investment grade rating issued by key international rating agencies facilitates its access to additional financing arrangements
that could be used to compensate any potential liquidity shortcomings. The Company has a Baa3 risk credit by <FONT STYLE="letter-spacing: 0.05pt">Moody`s
and BBB by S&amp;P on December 31, 2021.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>f) levels of indebtedness and characteristics of
debts.</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>i. relevant financing and loan agreements</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Please, find below additional information related to
each one of the fiscal years that ended on December 31, 2021, 2020 and 2019:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2021</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company's debt was structured in a manner to avoid
significant concentration of maturities in each year and is tied to different interest rates. The most significant rates are: (i) Fixed
Rate for BNDES/FINEP and international loans; (ii) Interbank Deposit Certificate (&#8220;<U>CDI</U>&#8221;) for loans in Brazil; (iii)
Reference Interest Rate (&#8220;<U>TR</U>&#8221;) for the CRI 2030 operation; and (iv) fixed rate for international loans.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the Company was in compliance
with its contractual obligations for its loans and financings and with any applicable borrowing limits.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Debt Profile &#8211; December 31, 2021</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 32%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Debt Instruments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>After</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>BNDES debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">44.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">35.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">81.3</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">TJLP or TR + Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>International Debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Other Latin-American currencies &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">48.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">65.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">59.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">52.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">226.0</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">US dollar &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">17.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">17.5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">12.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">12.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">US dollar &#8211; floating rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Canadian dollar &#8211; floating rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Canadian dollar &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">91.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">31.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">90.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">117.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">430.8</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Debt in Reais - ICMS fixed rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">37.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">39.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">21.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">130.1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Debt in Reais - fixed rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">524.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">506.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">406.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">243.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">141.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">309.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,131.9</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Debt in Reais - floating rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 32%; border: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">83.0</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">83.0</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Total indebtedness</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>847.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>745.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>520.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>395.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>262.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>329.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>3,100.5</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2020</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company's debt was structured in a manner to avoid
significant concentration of maturities in each year and is tied to different interest rates. The most significant rates are: (i) fixed
rate for the Bond 2021, BNDES/FINEP and loan from Banco BNP Paribas; (ii) Fixed Rate for loans from Brazilian Bank of Economic and Social
Development (&#8220;<U>BNDES</U>&#8221;); (iii) Reference Interest Rate (&#8220;<U>TR</U>&#8221;) for the CRI 2030 operation; and (iv)
floating rate (Libor) for international loans and (&#8220;<U>CDI</U>&#8221;) for the loan from Ita&uacute;.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the Company was in compliance
with its contractual obligations for its loans and financings and with any applicable borrowing limits.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Debt Profile &#8211; December 31, 2020</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 45%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Debt Instruments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>After</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>TJLP BNDES debt or TR floating rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11.60</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">12.29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">12.27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">13.43</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">14.69</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">96.94</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">161.2</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">TJLP or TR + Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>International Debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Other Latin-American currencies &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">436.33</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">95.30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.73</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">14.24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">27.21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">590.0</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">US dollar &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.9</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">US dollar &#8211; floating rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Canadian dollar &#8211; floating rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Canadian dollar &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">64.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">54.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">51.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">42.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">24.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">104.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">342.6</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Debt in Reais - ICMS fixed rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">36.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">34.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">20.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">35.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">135.7</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Debt in Reais - fixed rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,333.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">337.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">278.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">169.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">195.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">393.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,705.5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Debt in Reais - floating rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">851.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">852.4</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 45%; border: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Total indebtedness</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2,738.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>534.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>372.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>235.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>254.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>657.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>4,792.2</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2019</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company's debt was structured in a manner to avoid
significant concentration of maturities in each year and is tied to different interest rates. The most significant rates are: (i) fixed
rate for the Bond 2021 and BNDES/FINEP; (ii) Long-Term Interest Rate (TJLP) for loans from Brazilian Bank of Economic and Social Development
(&#8220;<U>BNDES</U>&#8221;); (iii) reference interest rate (&#8220;<U>TR</U>&#8221;) for the CRI 2030 operation; and (iv) floating rate
(Libor) for international loans.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2019, the Company was in compliance
with its contractual obligations for its loans and financings and with any applicable borrowing limits.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Debt Profile &#8211; December 31, 2019</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 43%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Debt Instruments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>After</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>TJLP BNDES debt or TR floating rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10.0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">14.0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">12.3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">13.4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">111.6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">171.8</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">TJLP or TR + Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>International Debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Other Latin-American currencies &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">34.4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">230.6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">14.1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">13.0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">17.5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">38.3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">348.0</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">US dollar &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10.9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">19.1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">US dollar &#8211; floating rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">95.1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">95.3</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Canadian dollar &#8211; floating rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">38.0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">39.3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">36.3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">55.2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">26.4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">48.5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">243.7</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Canadian dollar &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Debt in Reais - ICMS fixed rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">40.4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">34.7</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">22.4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">126.4</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Debt in Reais - fixed rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">423.9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">568.5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">368.8</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">161.4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">80.7</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">454.9</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,058.1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Total indebtedness</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>653.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>892.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>456.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>246.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>138.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>675.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>3,062.8</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>ii. other long-term relations with financial institutions</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company has other long-term relations with financial
institutions, such as payroll agreements,</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">derivative operations and guarantee agreements, which
are not individually relevant.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>iii. subordination degree among the debts</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In the years ended on December 31, 2021, 2020 and 2019,
the Company's loans had equal rights to payment without subordination clauses. Except for the credit lines due to FINAME contracted by
the Company with BNDES, where collateral is provided on assets acquired with the credit granted which serve as collateral; other loans
and financing contracted by the Company provide only personal guarantees as collateral, or are unsecured.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>iv. any restrictions imposed to the issuer, especially
concerning the limit of indebtedness and contracting of new debts, the distribution of dividends, the sale of assets, the issue of new
securities and the sale of the corporate control, as well as if those restrictions are being complied with by the issuer </B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Most of the loan contracts contain financial covenants
including:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(i) financial covenants, including restrictions on
new borrowing;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(ii) going-concern;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(iii) maintenance, in use or in good condition for
the business, of the Company's assets;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(iv) restrictions on acquisitions, mergers, sale or
disposal of its assets;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(v) disclosure of accounting statements and balance
sheets;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(vi) prohibition related to new real guarantees for
loans contracted, except if (a) expressly authorized under the agreement or (b) new loans contracted from financial institutions linked
to the Brazilian government - including the BNDES or foreign governments; - or foreign governments, multilateral financial institutions
(e.g., World Bank) or located in jurisdictions in which the Company operates.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, 2020 and 2019, the Company
was in compliance with its financial contractual obligations for its loans and financings.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>g) borrowing limits contracted and percentages utilized</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the Company had loans with
BNDES, FINEP and FINAME credit facilities and loans with private banks in the amount of R$ 3,100.5 billion. Of this total, R$ 2,639.3
billion (85.1%) are being used, with R$ 461.2 million (14.9%) still available.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>h) significant changes to each item of the Accounting
Statements</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">The following table shows the amounts outstanding on the Company balance
sheet for the periods indicated.</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><FONT STYLE="letter-spacing: -0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><FONT STYLE="letter-spacing: -0.05pt"><B><U>BALANCE SHEET</U></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(<I>in million of Reais</I>)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 17%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16,627.7 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17,090.3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,900.7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,914.6 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,700.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">14.6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">597.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">505.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">172.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade receivables</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,791.6 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,303.1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,495.5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,000.3 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7,605.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,978.6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income tax and social contributions recoverable</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">631.5 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,759.2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,831.4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Recoverable taxes </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,981.1 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,527.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,242.7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,082.8 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">850.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">985.5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Current Assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>38,627.1 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>35,342.3 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>27,621.1</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">192.9 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">213.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">163.6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1.5 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3.4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1.2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income tax and social contributions recoverable</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6,326.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,495.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,331.9</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;Recoverable taxes</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6,005.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,695.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">671.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Deferred tax assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,727.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">4,560.8</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,950.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,063.3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,141.6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,751.7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Employee Benefits</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">27.8 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">33.6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">56.2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">305.1 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">337.4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">303.4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">29,224.2 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">24,768.4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">22,576.3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Intangible </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,689.0 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7,580.6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6,306.4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Goodwill</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">42,411.2 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">40,023.5 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">35,009.9</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>99,975.3 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>89,854.0 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>74,121.8</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>138,602.5</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>125,196.3</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>101,742.9 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Equity and liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">25,077.9 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">19,339.2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,069.6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">492.5 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">329.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">355.3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">847.1 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,738.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">653.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Bank overdrafts</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">30.5 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Wages and salaries</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,439.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">925.5 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">833.0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Dividends and interest on shareholders&#8217; equity payable</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,425.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">2,454.7</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">956.6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,491.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">1,167.3</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,394.2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,585.9 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,549.5 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,108.5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,304.5 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,848.1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,530.7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">172.3 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">124.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">110.0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>38,866.4</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>33,477.8</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>25,011.0</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">617.0 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">655.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">309.5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,253.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,053.5 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,409.7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Deferred tax assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,214 </FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">3,043.4</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,371.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 40%; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income tax and social contribution payable (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,686.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">1,912.6</P></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,219.5</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">704.1 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">684.3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">645.2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Put option granted on subsidiaries and other liabilities </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,445.2 </FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">4,226.6</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,145.3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">603.8 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">447.1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">371.0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Employee benefits </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,194 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,544.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,704.5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>15,718.4 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>16,567.3 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>14,175.9</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total liabilities </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>54,584.9</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>50,045.1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>39,186.9</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Equity</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Issued capital</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">58,042.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">57,899.1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">57,866.8</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Reserves</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">86,378.8 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">80,905.6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">75,685.7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Carrying value adjustments</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(61,778.2)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(64,989.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(72,274.5)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Equity attributable to the equity holders of Ambev</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>82,643.0 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>73,815.7 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>61,278.0</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,374.6 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,335.5 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,278.0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total Equity</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>84,017.6 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>75,151.2 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>62,556.0</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;Total equity and liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>138,602.5</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>125,196.3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>101,742.9</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">For additional information on the accounting practices adopted by the Company,
see section 10.5.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Comparative analysis of Balance Sheets - As of
December 31, 2021 and December 31, 2020</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(<I>in million of Reais</I>, except percentages)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>December 31</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 11%; font-family: Calibri,sans-serif; line-height: 12.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>2021</U></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; font-family: Calibri,sans-serif; line-height: 12.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Vertical Analysis</U></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; font-family: Calibri,sans-serif; line-height: 12.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>2020</U></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; font-family: Calibri,sans-serif; line-height: 12.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Vertical Analysis</U></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 16%">
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-underline-style: double"><B><U>Variation</U></B></FONT></P>
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-underline-style: double"><B><U>2021/2020</U></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Assets </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Cash and cash equivalents</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">16,627.7 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">12.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">17,090.3 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">13.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-3%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Investment securities</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,914.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,700.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">11%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Derivative financial instruments </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">597.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">505.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">15%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Trade receivables</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,791.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.5%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,303.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">10%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Inventories</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">11,000.3 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">7.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">7,605.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">31%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Income tax and social contributions recoverable</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">631.5 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.5%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,759.2 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.4%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-179%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Recoverable taxes</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,981.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,527.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">23%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Other assets</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,082.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.8%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">850.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">21%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Current assets</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>38,627.1 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">27.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>35,342.3 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">28.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Investment securities</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">192.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">213.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-11%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Derivative financial instruments</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-127%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Income tax and social contributions recoverable</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6,326.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,495.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">29%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Recoverable taxes</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6,005.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4.3%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5,695.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4.5%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Deferred tax assets</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,727.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.4%</FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">4,560.8</P></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">3.6%</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Other assets</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,063.3</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.5%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,141.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Employee benefits</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">27.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">33.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-21%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Investments</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">305.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">337.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.3%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-11%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Property, plant and equipment</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">29,224.2 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">21.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">24,768.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">19.8%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">15%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Intangible </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">8,689.0 </FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.3%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">7,580.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">13%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Goodwill</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">42,411.2 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">30.6%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">40,023.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">32.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6%</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Non-current assets</U></B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>99,975.3 </B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">72.1%</FONT></TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>89,854.0 </B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">71.8%</FONT></TD>
    <TD STYLE="width: 16%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">10%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Total assets</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>138,602.5</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">100%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>125,196.3 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">100%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>10%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Equity and Liabilities </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Trade payables</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">25,077.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">18.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">19,339.2 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">38.6%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">23%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Derivative financial instruments </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">492.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">329.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">33%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Interest-bearing loans and borrowings</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">847.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.6%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,738.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5.5%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-223%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Overdraft account</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">30.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Wages and salaries</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,439.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.8%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">925.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.8%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">62%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Dividends and interest on shareholders&#8217; equity payable</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,425.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">2,454.7</P></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">4.9%</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-72%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Income tax and social contribution payable</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,491.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.1%</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">1,167.3</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">2.3%</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">22%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Taxes and contributions payable</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,585.9 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,549.5 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">9.1%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Other liabilities</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,304.5 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.7%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,848.1 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.7%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">20%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Provisions</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">172.3 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">124.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">28%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Current liabilities</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>38,866.4</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>28%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>33,477.8 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>66.9%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">14%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Trade payables</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">617.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">655.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.3%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-6%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Derivative financial instruments </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">- </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">- </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Interest-bearing loans and borrowings</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,253.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.6%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,053.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Deferred tax assets</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3,214 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2.3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3,043.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,686.9 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,912.6 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.8%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-13%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Taxes and contributions payable</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">704.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.5%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">684.3 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Put option granted on subsidiary and other liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3,445.2 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2.5%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,226.6 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">8.4%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-23%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Provisions</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">603.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">447.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">26%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Employee benefits</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3,194 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2.3%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3,544.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">7.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-11%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Non-current liabilities</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>15,718.4 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>11.3%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>16,567.3 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>33.1%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>-5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Total liabilities</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>54,584.9</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>39.4%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>50,045.1 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>100%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Equity</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Issued capital</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">58,042.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">41.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">57,899.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">46.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Reserves</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">86,378.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">62.3%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">80,905.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">64.6%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Carrying value adjustments</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(61,778.2)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-44.6%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(64,989.0)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-51.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-5%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Equity attributable to equity holders of Ambev</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>82,643.0 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>59.6%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>73,815.7 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>59.0%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>11%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Non-controlling interests</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,374.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,335.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Total equity</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>84,017.6 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>60.6%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>75,151.2 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>60.0%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>11%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Total </U></B></FONT><B><U><FONT STYLE="font-family: Times New Roman Negrito; font-size: 10pt; text-underline-style: double">equity and</FONT></U></B><B><U> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double">liabilities </FONT></U></B></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>138,602.5</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>100%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>125,196.3</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>10%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B><U>Assets</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><U>Cash and cash equivalents</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the balance of cash and cash
equivalents and short-term financial investments amounted to R$ 18,542.3 million, compared to R$ 18,790.3 million as of December 31, 2020.
The decrease of R$ 248.0 million, or -1.3%, is a result particularly from a higher payment of dividends and interest on equity.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Trade receivables</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the balance of trade receivables
amounted to R$ 4,791.6 million, compared to R$ 4,303.1 million as of December 31, 2020, an increase of R$ 488.5 million, or +11.4%.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><U>Inventories</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the balance of inventories
amounted to R$ 11,000.3 million, compared to R$ 7,605.9 million as of December 31, 2020. The increase of R$ 3,394.4 million, or 44.6%,
is demonstrated in the chart below:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(in million Reais)</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2021</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Finished products</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3,626.6</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,575.5 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Work in progress</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">672.5</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">518.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Raw materials and consumables</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5,306.2</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3,513.0 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Spare parts and other</P>
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">906.8</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">758.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Prepayments</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">645.9</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">381.4 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Impairment losses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(157.8)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(141.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11,000.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7,605.9</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Tax receivable</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the balance of taxes and contributions
receivable, current and non-current, amounted to R$ 14,944.9 million, compared to R$ 13,477.9 million as of December 31, 2020. The variation
in the balances is mainly explained by the recognition of PIS/COFINS credits.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Property, plant and equipment</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 76%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">26,664.1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">22,852.9 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Right of use assets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,560.2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,915.5 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>29,224.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>24,768.4 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the balance of property, plant
and equipment amounted to R$ 29,224.3 million, compared to R$ 24,768.4 million as of December 31, 2020. The movement that resulted in
a net increase of R$ 4,455.9 million, or 18.0%, is demonstrated in the chart below:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 25%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Land and buildings</B></FONT></TD>
    <TD STYLE="width: 13%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fixtures and fittings</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Under construction</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Acquisition Cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Initial balance</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,385.1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>34,037.4</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>7,219.4</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2,830.7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>56,472.6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,115.0 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of movements in foreign exchange in balance sheet</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">54.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">129.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">193.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,102.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">544.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,170.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">216.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">148.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,079.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,893.0 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Acquisition through share exchange</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Acquisitions through business combination</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11.1</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Acquisitions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">960.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">45.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6,294.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7,311.1</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,421.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(117.7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,238.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(360.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,719.9)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,692.7)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Transfers from (to) other asset categories</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">662.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,402.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">401.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3,872.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(406.5)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(382.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Final balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13,539.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>37,469.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>7,526.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>5,404.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>63,941.2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>56,472.6</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Initial balance</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(3,993.6)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(23,831.0)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(5,795.1)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(33,619.7)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(28,567.3)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of movements in foreign exchange in balance sheet</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(39.7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(52.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(81.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,658.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">Effect of application of IAS 29 (hyperinflation)</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(94.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(557.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(146.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(798.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,021.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Acquisitions through business combination</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(0.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(0.2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(398.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3,098.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(634.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,131.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3,896.4)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">46.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,222.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">320.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,589.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,662.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Transfers (from) to other asset categories</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">36.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">43.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">48.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(7.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(269.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(278.2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(186.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Final balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(3,993.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(23,831.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(5,795.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(33,619.7)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3,896.4)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>Carrying amount:</B></P></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>On December 31, 2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>8,391.5</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10,206.4</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,424.3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2,830.7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>22,852.9</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>On December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>9,090.2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10,884.0</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,285.1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>5,404.7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>26,664.0</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Right of use assets:</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Properties</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Plant and Equipment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Others</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Acquisition Cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,791.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,905.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>175.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>3,873.0</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Initial balance (i)</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">51.8</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4.0</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">62.1</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>3,361.1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of movements in foreign exchange in balance sheet</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">803.9</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,409.6</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">71.2</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,284.7</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">149.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(312.4)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,327.8)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(122.7)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,762.9)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">366.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Write-offs</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(27.7)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(76.5)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">90.2</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(14.0)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Transfers from (to) other asset categories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2,307.2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,915.2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>220.5</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>4,442.9</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Final balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,791.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,905.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>175.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>3,873.0</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>3,873.0</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Initial balance</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(812.9)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,017.9)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(126.7)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,957.5)</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,332.5)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of movements in foreign exchange in balance sheet</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(19.3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.5)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3.6)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(24.4)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(49.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(476.3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(489.4)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(58.7)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,024.4)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(580.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Write-offs</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">205.8</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">794.9</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">109.6</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,110.3</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Transfers (from) to other asset categories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1.5</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">43.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(31.2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.4</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Final balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,101.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(670.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(110.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,882.6)</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,957.5)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Carrying amount:</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>On December 31, 2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>978.7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>888.0</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>48.8</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,915.5</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>On December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,206.0</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,244.4</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>109.9</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2,560.3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(i) Balances adjusted for comparative purposes.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Intangible Assets</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the balance of the intangible
assets amounted to R$ 8,689.0 million, compared to R$ 7,580.6 million, as of December 31, 2020. The net increase of R$ 1,108.5 million,
or 14.6%, is a result mainly of the application of the Accounting and Disclosure Rule in Highly Inflationary Economy (IAS 29/CPC 42) in
Argentina, as described in item 10.5 &#8211; Critical accounting policies &#8211; &#8220;(x) Accounting and disclosure rule in highly
inflationary economy&#8221;.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Goodwill</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the balance of goodwill amounted
to R$ 42,411.3 million, compared to R$ 40,023.5 million as of December 31, 2020. The movement that resulted in a net increase of R$ 2,387.8
million is demonstrated in the chart below:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Initial Balance</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">40,023.5</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">35,009.9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Effect of movements in foreign exchange in balance sheet</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,255.3</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,006.9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Effect of application of IAS 29/ (hyperinflation)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,092.4</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">605.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Acquisition, (write-off) and disposal through business combinations</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">40.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">401.3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Final balance</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">42,411.3</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">40,023.5</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B><U>Liabilities</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Trade payables</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the balance of the current
trade payables amounted to R$ 25,077.9 million, compared to R$ 19,339.2 million as of December 31, 2020, an increase of R$ 5,738.7 million,
or 29.7%. The balance of non-current trade payables amounted to R$ 617.1 million as of December 31, 2021, compared to R$ 655.9 million
in the same period in 2020, a decrease of R$ 38.8 million, or 5.9%.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Interest-bearing loans and borrowings</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The current and non-current interest-bearing loans
and borrowings amounted to R$ 3,100.5 million as of December 31, 2021, compared to R$ 4,792.3 million as of December 31, 2020, a decrease
of R$ 1,691.7 million, or 35.3%, in the gross indebtedness in the year ended on December 31, 2021.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Income tax and social contribution</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the balance of current and
non-current income tax and social contribution amounted to R$ 3,177.9 million, compared to R$ 3,079.9 million as of December 31, 2020,
an increase of R$ 98.0 million, explained mainly by the increase on results of the group's companies, partially offset by the payment
of the installments regarding adhesion to PERT 2017. As announced on September 29, 2017, the Company adhered to a special tax regularization
program, involving tax contingencies under dispute, including contingencies related to the income tax and social contribution on profits.
The total amount to be paid is approximately R$ 3.5 billion, of which approximately R$ 1.0 billion was paid in 2017, and the remaining
is being paid in 145 monthly installments as from January 2018, added by interests.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Equity</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the balance of equity amounted
to R$ 84,017.6 million, compared to R$ 75,151.2 million as of December 31, 2020. The main reasons for the variation in equity accounts
were: (i) profit in the year of R$ 13,122.6 million; (ii) the effect of the application of the Accounting and Disclosure Rule in Highly
Inflationary Economy (IAS 29/CPC 42) in Argentina, as described in item 10.5 &#8211; Critical accounting policies &#8211; &#8220;(x) Accounting
and disclosure rule in highly inflationary economy&#8221;; and (iii) distribution of dividends and IOC of R$ 9,499.6 million.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Deferred income tax and social contribution (Assets
and Liabilities)</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2021, the balance of the deferred
income tax and social contribution (assets and liabilities) amounted to R$ 1,513.8 million in assets, compared to R$ 1,517.4 million in
assets as of December 31, 2020. The variation of R$ 3.7 million is described in the charts below, which demonstrate the composition of
the deferred tax by type of temporary difference.</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(in million Reais)</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Assets</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Liabilities</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Intangible </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,634.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,634.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Employee Benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,278.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,276.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,113.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,112.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">50.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">50.6</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Derivatives</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">232.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(72.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">159.8</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Interest-Bearing Loans and Borrowings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">328.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(49.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">279.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">645.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,027.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,381.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Withholding tax over undistributed profits and royalties</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,079.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,079.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(421.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(421.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Loss carry forwards</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,298.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,298.8</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">696.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(0.2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">696.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Impact of the adoption of IFRS 16/ (Leases)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">78.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(0.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">78.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">ICMS from the assessment bases of PIS/COFINS</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,019.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,019.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other items</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">110.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(19.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">90.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Gross deferred tax assets/(liabilities) </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,845.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(7,331.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,513.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Netting by taxable entity</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,117.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,117.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net deferred tax assets/(liabilities)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,727.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3,214.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,513.7</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(in million Reais)</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Assets</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Liabilities</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.1 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Intangible </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,253.0)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,253.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Employee Benefits</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">971.2 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3.0)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">968.2 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,917.1 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(230.3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,686.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade receivables</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">53.0 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(0.0)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">53.0 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Derivatives</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">36.3 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(118.7)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(82.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Interest-Bearing Loans and Borrowings</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.8)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">288.7 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(67.6)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">221.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">430.8</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,609.0)</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,178.2)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Withholding tax over undistributed profits and royalties</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">-</P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,538.8)</P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,538.8)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(421.6)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(421.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Loss carry forwards</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,739.7 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,739.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">636.0 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">634.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Impact of the adoption of IFRS 16/ (Leases)</FONT></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">124.2</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1.6)</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">122.6</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">ICMS from the assessment bases of PIS/COFINS</FONT></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">-</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,460.8)</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,460.8)</P></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other items</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">79.2 </FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(61.4)</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Gross deferred tax assets/(liabilities) </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,286.3</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(6,768.9)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,517.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Netting by taxable entity</FONT></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(3,725.5)</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">3,725.5</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">-</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net deferred tax assets/(liabilities)</FONT></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">4,560.8</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(3,043.4)</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">1,517.4</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(in million Reais)</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Assets</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Liabilities</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Intangible </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,067.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,067.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Employee Benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">750.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">746.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,330.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(246.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,083.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">45.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">42.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Derivatives</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">38.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(217.2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(178.3)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Interest-Bearing Loans and Borrowings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">372.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(67.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">304.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">290.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,423.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,133.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Withholding tax over undistributed profits and royalties</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,115.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,115.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(421.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(421.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Loss carry forwards</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">877.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(148.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">728.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">465.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">463.6</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Impact of the adoption of IFRS 16 (Leases)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">44.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">42.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other items</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">89.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(16.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">72.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Gross deferred tax assets/(liabilities) </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,313.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,734.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">579.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Netting by taxable entity</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,363.8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,363.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net deferred tax assets/(liabilities)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,950.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,371.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">579.0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Comparative analysis of Balance Sheets - As of
December 31, 2020 and December 31, 2019</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(<I>in million of Reais</I>, except percentages)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>December 31</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 11%; font-family: Calibri,sans-serif; line-height: 12.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>202</U></B></FONT><B><U><FONT STYLE="font-family: Times New Roman Negrito; font-size: 10pt; text-underline-style: double">0</FONT></U></B></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; font-family: Calibri,sans-serif; line-height: 12.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Vertical Analysis</U></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; font-family: Calibri,sans-serif; line-height: 12.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>2019</U></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; font-family: Calibri,sans-serif; line-height: 12.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Vertical Analysis</U></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 16%">
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-underline-style: double"><B><U>Variation</U></B></FONT></P>
    <P STYLE="font: 10pt/12.5pt Calibri,sans-serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; text-underline-style: double"><B><U>202</U></B></FONT><B><U><FONT STYLE="font-family: Times New Roman Negrito; text-underline-style: double">0</FONT></U></B><B><U><FONT STYLE="font-family: Times New Roman,serif; text-underline-style: double">/2019</FONT></U></B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Assets </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Cash and cash equivalents</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">17,090.3 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">13.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;11,900.7 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">11.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5,189.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Investment securities</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,700.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;14.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,685.4 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Derivative financial instruments </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">505.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;172.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">333.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Trade receivables</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,303.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;4,495.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(192.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Inventories</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">7,605.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;5,978.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,627.3 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Income tax and social contributions recoverable</U></B></FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">1,759.2</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">1.4%</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,831.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.8%</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">(72.2)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Recoverable taxes</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,527.9 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,242.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(714.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Other assets</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">850.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">985.5</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(135.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Current assets</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>35,342.3 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>28.2%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>27,621.1</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>27.1%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>7,721.2 </B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Investment securities</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">213.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;163.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">50.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Derivative financial instruments</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;1.2 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2.2 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Income tax and social contributions recoverable</U></B></FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">4,495.0</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">3.6%</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,331.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4.3%</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">163.1</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Recoverable taxes</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5,695.8 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4.5%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">671.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.7%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5,024.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Deferred tax assets</U></B></FONT></TD>
    <TD>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">4,560.8</P></TD>
    <TD>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">3.6%</P></TD>
    <TD>
    <P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">2,950.1</P></TD>
    <TD>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">2.9%</P></TD>
    <TD>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">1,610.7</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Other assets</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,141.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;1,751.7 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">389.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Employee benefits</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">33.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;56.2 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(22.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Investments</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">337.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.3%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;303.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.3%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">34.0 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Property, plant and equipment</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">24,768.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">19.8%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;22,576.3 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">22.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,192.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Intangible </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">7,580.6 </FONT></TD>
    <TD STYLE="background-color: white; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;6,306.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,274.2 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Goodwill</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">40,023.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">32.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;35,009.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">34.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5,013.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Non-current assets</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>89,854.0 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>71.8%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>&nbsp;74,121.8 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>72.9%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>15,732.2 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Total assets</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>125,196.3 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>101,742.9</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>23,453.4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Equity and Liabilities </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Trade payables</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">19,339.2 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">38.6%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;15,069.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">38.5%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,269.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Derivative financial instruments </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">329.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;355.3 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(25.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Interest-bearing loans and borrowings</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,738.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5.5%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;653.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,085.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Overdraft account</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(0.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Wages and salaries</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">925.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.8%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;833.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">92.5 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Dividends and interest on shareholders&#8217; equity payable</U></B></FONT></TD>
    <TD>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">2,454.7</P></TD>
    <TD>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">4.9%</P></TD>
    <TD>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">956.6</P></TD>
    <TD>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">2.4%</P></TD>
    <TD>
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">1,498.1</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Income tax and social contribution payable</U></B></FONT></TD>
    <TD>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">1,167.3</P></TD>
    <TD>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">2.3%</P></TD>
    <TD>
    <P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">1,394.2</P></TD>
    <TD>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">3.6%</P></TD>
    <TD>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">(226.9)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Taxes and contributions payable</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,549.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">9.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;4,108.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">10.5%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">441.0</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Other liabilities</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,848.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.7%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;1,530.7 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">317.4 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Provisions</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">124.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;110.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.3%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">14.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Current liabilities</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>33,477.8 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>66.9%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;<B>25,011.0 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>63.8%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>8,466.8 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Trade payables</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">655.8&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.3%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;309.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.8%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">346.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Derivative financial instruments </U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;0.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(0.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Interest-bearing loans and borrowings</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,053.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;2,409.7 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(356.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Deferred tax assets</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3,043.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;2,371.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">672.3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,912.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3.8%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;2,219.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5.7%</FONT></TD>
    <TD>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">(306.9)</P>
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Taxes and contributions payable</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">684.3 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;645.2 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.6%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">39.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Put option granted on subsidiary and other liabilities</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,226.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">8.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;3,145.3 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">8.0%</FONT></TD>
    <TD>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">1,081.3</P>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Provisions</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">447.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;371.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">0.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">76.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Employee benefits</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3,544.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">7.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;2,704.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">839.5&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Non-current liabilities</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>16,567.3 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>33.1%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>14,175.9</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>36.2%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>2,391.4 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Total liabilities</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>50,045.1 </B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>100,0%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>39,186.9</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>10,858.2</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Equity</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Issued capital</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">57,899.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">46.2%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;57,866.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">56.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;32.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Reserves</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">80,905.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">64.6%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&nbsp;75,685.7 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">74.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5,219.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Carrying value adjustments</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(64,989.0) </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-51.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(72,274.5) </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">-71.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">7,285.5 </FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Equity attributable to equity holders of Ambev</U></B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>73,815.7 </B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>59.0%</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>61,278.0</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>60.2%</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>12,537.7 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Non-controlling interests</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,335.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1,278.0</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">1.3%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">57.5 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Total equity</U></B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>75,151.2&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>60.0%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>62,556.0</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>61.5%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>12,595.2 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double"><B><U>Total </U></B></FONT><B><U><FONT STYLE="font-family: Times New Roman Negrito; font-size: 10pt; text-underline-style: double">equity and</FONT></U></B><B><U> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; text-underline-style: double">liabilities </FONT></U></B></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>125,196.3</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>101,742.9</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>23,453.4</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B><U>Assets</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><U>Cash and cash equivalents</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the balance of cash and cash
equivalents and short-term financial investments amounted to R$ 18,790.3 million, compared to R$ 11,915.3 million as of December 31, 2019.
The increase of R$ 6,875.0 million, or 57.7%, is a result particularly from (i) the operational performance; and (ii) the increase in
the accounts payable partially compensated by an increase in the interests paid in 2020 and an increase in debts taken at the beginning
of the pandemic and partially paid by December.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Trade receivables</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the balance of trade receivables
amounted to R$ 4,303.1 million, compared to R$ 4,495.5 million as of December 31, 2019, a reduction of R$ 192.4 million, or -4.3%.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><U>Inventories</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the balance of inventories
amounted to R$ 7,605.9 million, compared to R$ 5,978.6 million as of December 31, 2019. The increase of R$ 1,627.3 million, or 27.2%,
is demonstrated in the chart below:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(in million Reais)</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2020</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2019</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Finished products</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,575.5 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,080.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Work in progress</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">518.3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">450.8</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Raw materials and consumables</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3,513.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,637.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0">Spare parts and other</P>
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">758.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">602.6</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Prepayments</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">381.4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">328.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Impairment losses</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(141.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(121.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7,605.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5,978.6</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Tax receivable</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the balance of taxes and contributions
receivable, current and non-current, amounted to R$ 13,477.9 million, compared to R$ 9,077.1 million as of December 31, 2019. The variation
in the balances is mainly explained by the recognition of PIS/COFINS credits.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Property, plant and equipment</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 76%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">22,852.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">20,547.7</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Right of use assets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,915.5 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,028.6</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>24,768.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>22,576.3</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the balance of property, plant
and equipment amounted to R$ 24,768.4 million, compared to R$ 22,576.3 million as of December 31, 2019. The movement that resulted in
a net increase of R$ 2,192.1 million or 9.7% is demonstrated in the chart below:</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2019</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 25%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Land and buildings</B></FONT></TD>
    <TD STYLE="width: 13%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fixtures and fittings</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Under construction</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Acquisition Cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Initial balance</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10,886.9 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>29,676.1 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>6,367.7 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2,184.3 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>49,115.0</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>45,564.1</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of movements in foreign exchange in balance sheet</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">724.8 </FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,811.9 </FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">392.1 </FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">173.2 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,102.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,540.7)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">310.5</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">1,160.4</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">291.8</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">130.3</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">1,893.0</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,871.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Acquisition through share exchange</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Acquisitions through business combination</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">4.0</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">9.8</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">1.7</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">15.5</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Acquisitions</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.2 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">514.8 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">74.3 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,815.6 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,421.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,475.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(23.7)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,422.2)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(247.0)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.2 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,692.7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(906.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Transfers from (to) other asset categories</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">465.4</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">2,286.6</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">338.8</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(3,472.9)</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(382.1)</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(358.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Final balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,385.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>34,037.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>7,219.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2,830.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>56,472.6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>49,115.0</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Depreciation </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Initial balance</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3,400.6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(20,381.7)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,785.0)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(28,567.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(25,463.7)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of movements in foreign exchange in balance sheet</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(174.3)</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(1,205.7)</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(278.5)</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(1,658.5)</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">810.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">Effect of application of IAS 29 (hyperinflation)</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(51.4)</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(670.4)</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(300.0)</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(1,021.8)</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,025.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Write-off through equity interest</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(401.8)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,795.4)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(699.2)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3,896.4)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3,530.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Loss due to reduction of the recovery amount</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;7.8 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;1,409.0 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;245.9 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;1,662.7 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;784.2 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Transfers (from) to other asset categories</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;29.8 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(3.6)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;22.0 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;48.2 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(3.1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(183.2)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(0.3)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(186.6)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(143.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Final balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(3,993.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(23,831.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(5,795.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(33,619.7)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(28,567.3)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>Carrying amount:</B></P></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>On December 31, 2019</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7,486.3 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9,294.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,582.7 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,184.3 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">20,547.7 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>On December 31, 2020</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,391.5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10,206.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,424.3 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,830.7 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">22,852.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Right of use assets:</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Properties</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Plant and Equipment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Others</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Acquisition Cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Initial balance (i)</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,339.8 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,865.1 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>156.2 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>3,361.1 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2,394.1</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of movements in foreign exchange in balance sheet</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">131.8 </FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8.2 </FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9.3 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">149.3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">19.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">321.8 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">32.6 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.2 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">366.6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">898.8</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Transfers from (to) other asset categories</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(1.8)</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(2.2)</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">(4.0)</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">48.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Final balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,791.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,905.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>175.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>3,873.0</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>3,361.1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Initial balance</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(494.5)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(756.9)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(81.1)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,332.5)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(856.5)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of movements in foreign exchange in balance sheet</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(40.9)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4.5)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3.9)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(49.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(5.7)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(280.7)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(256.5)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(43.4)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(580.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(467.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Transfers (from) to other asset categories</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">3.2</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">-</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">1.7</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">4.9</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Final balance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(812.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,017.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(126.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,957.5)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,332.5)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Carrying amount:</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>On December 31, 2019</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>845.3 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,108.2 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>75.1 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2,028.6 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>On December 31, 2020</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>978.6 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>888.0 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>48.8 </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,915.5 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(i) Balances adjusted for comparative purposes.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Intangible Assets</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the balance of the intangible
assets amounted to R$ 7,580.6 million, compared to R$ 6,306.4 million, as of December 31, 2019. The net increase of R$ 1,274.2 million,
or 20.2%, is a result mainly of the application of the Accounting and Disclosure Rule in Highly Inflationary Economy (IAS 29) in Argentina,
as described in item 10.5 &#8211; Critical accounting policies &#8211; &#8220;(x) Accounting and disclosure rule in highly inflationary
economy&#8221;.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Goodwill</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the balance of goodwill amounted
to R$ 40,023.5 million, compared to R$ 35,009.9 million as of December 31, 2019. The movement that resulted in a net increase of R$ 5,013.6
million is demonstrated in the chart below:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2019</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Initial Balance</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">35,009.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">34,276.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Effect of movements in foreign exchange in balance sheet</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">4,006.9</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">16.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Effect of application of IAS 29/ (hyperinflation)</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">605.4</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">691.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Acquisition, (write-off) and disposal through business combinations</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">401.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">26.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Final balance</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">40,023.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">35,009.9</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B><U>Liabilities</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Trade payables</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the balance of the current
trade payables amounted to R$ 19,339.2million, compared to R$ 15,069.6 million as of December 31, 2019, an increase of R$ 4,269.6 million
or 28.3%. The balance of non-current trade payables amounted to R$ 655.8 million as of December 31, 2020, compared to R$ 309.5 million
in the same period in 2019, an increase of R$ 346.3 million, or 111.9%.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Interest-bearing loans and borrowings</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The current and non-current interest-bearing loans
and borrowings amounted to R4,792.3 million as of December 31, 2020, compared to R$ 3,062.8 million as of December 31, 2019, an increase
of R$ 1,729.5 million, or 56.5% in the gross indebtedness in the year ended on December 31, 2020.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Income tax and social contribution</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the balance of current and
non-current income tax and social contribution amounted to R$ 3,079.9 million, compared to R$ 3,613.7 million as of December 31, 2019,
a reduction of R$ 533.8 million, explained mainly by the payment of the installments regarding adhesion to PERT 2017. As announced on
September 29, 2017, the Company adhered to a special tax regularization program, involving tax contingencies under dispute, including
contingencies related to the income tax and social contribution on profits. The total amount to be paid is approximately R$ 3.5 billion,
of which approximately R$ 1.0 billion was paid in 2017, and the remaining is being paid in 145 monthly installments as from January 2018,
added by interests.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Equity</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the balance of equity amounted
to R$ 75,151.2 million, compared to R$ 62,556.0million as of December 31, 2019. The main reasons for the variation in equity accounts
were: (i) profit in the year of R$ 11,731.9 million; (ii) the effect of the application of the Accounting and Disclosure Rule in Highly
Inflationary Economy (IAS 29) in Argentina, as described in item 10.5 &#8211; Critical accounting policies &#8211; &#8220;(x) Accounting
and disclosure rule in highly inflationary economy&#8221;; and (iii) distribution of IOC of R$ 6,509.5 million.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Deferred income tax and social contribution (Assets
and Liabilities)</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2020, the balance of the deferred
income tax and social contribution (assets and liabilities) amounted to R$ 1,517.4 million in assets, compared to R$ 579.0 million in
assets as of December 31, 2019. The variation of R$ 938.4 million is described in the charts below, which demonstrate the composition
of the deferred tax by type of temporary difference.</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(in million Reais)</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Assets</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Liabilities</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.1 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Intangible </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,253.0)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,253.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Employee Benefits</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">971.2 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3.0)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">968.2 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,917.1 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(230.3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,686.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade receivables</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">53.0 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(0.0)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">53.0 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Derivatives</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">36.3 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(118.7)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(82.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Interest-Bearing Loans and Borrowings</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.8)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">288.7 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(67.6)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">221.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">430.8</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,609.0)</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,178.2)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Withholding tax over undistributed profits and royalties</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">-</P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,538.8)</P></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,538.8)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(421.6)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(421.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Loss carry forwards</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,739.7 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,739.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">636.0 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">634.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Impact of the adoption of IFRS 16/ (Leases)</FONT></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">124.2</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1.6)</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">122.6</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">ICMS from the assessment bases of PIS/COFINS</FONT></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">-</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,460.8)</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(1,460.8)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other items</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">79.2 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(61.4)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Gross deferred tax assets/(liabilities) </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,286.3</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(6,768.9)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,517.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Netting by taxable entity</FONT></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(3,725.5)</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">3,725.5</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">-</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net deferred tax assets/(liabilities)</FONT></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">4,560.8</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">(3,043.4)</P></TD>
    <TD>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">1,517.4</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(in million Reais)</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Assets</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Liabilities</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Intangible </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,067.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,067.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Employee Benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">750.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">746.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,330.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(246.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,083.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Trade receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">45.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">42.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Derivatives</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">38.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(217.2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(178.3)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Interest-Bearing Loans and Borrowings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">372.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(67.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">304.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">290.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,423.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,133.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Withholding tax over undistributed profits and royalties</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,115.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,115.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(421.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(421.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Loss carry forwards</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">877.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(148.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">728.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">465.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">463.6</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Impact of the adoption of IFRS 16 (Leases)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">44.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">42.7</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 25%; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other items</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">89.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(16.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">72.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Gross deferred tax assets/(liabilities) </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,313.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,734.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">579.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Netting by taxable entity</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,363.8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,363.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net deferred tax assets/(liabilities)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,950.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,371.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">579.0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B><U>Comparative analysis of Operational Results as of December 31, 2021
and December 31, 2020</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">The consolidated
results of the Company are presented as follows:</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Highlights
of Consolidated Financial Information</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><I>(in million
Reais, except for amounts related to volume, percentages*)</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 28%; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2021</FONT></TD>
    <TD STYLE="width: 15%">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">Vertical</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">Analysis</P></TD>
    <TD STYLE="width: 16%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="width: 15%">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">Vertical</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">Analysis</P></TD>
    <TD STYLE="width: 16%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Variation 2021/2020</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net revenue</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">72,854.3 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">555.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">58,379.0 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">497.6%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">25%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cost of sales</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(35,659.7)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-271.7%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(27,066.1)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-230.7%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">32%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Gross profit</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">37,194.6 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">283.4%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">31,312.9 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">266.9%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">19%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Distribution expenses</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(9,932.7)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-75.7%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(8,245.0)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-70.3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">20%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Sales and Marketing expenses</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(7,035.5)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-53.6%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(6,374.6)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-54.3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,877.4)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-37.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,948.5)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-25.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">65%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other operational income (expenses)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,124.1 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,679.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">22.8%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-21%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Costs arising from business combination</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(18.2)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-100%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Restructuring</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(165.4)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-1.3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(146.5)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-1.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(11.1)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(9.3)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">19%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">State Amnesty</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">COVID-19 Impacts</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(134.3)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-1.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(263.2)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-2.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-49%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Stella recall</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(14.8)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-100%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Distribution agreement</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(82.0)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.6%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income from operations</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17,080.2 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">130.2%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,972.2 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">136.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Finance expenses</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(5,427.8)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-41.4%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(5,430.5)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-46.3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Finance income</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,222.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.9%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,996.0 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">25.5%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-26%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net finance result</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3,205.4)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-24.4%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,434.4)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-20.8%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">32%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">Share of result of joint ventures</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(115.7)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.9%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(43.3)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.4%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">167%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">Income before income tax</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13,759.2 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">104.9%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13,494.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">115.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income tax expense</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(636.6)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-4.9%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,762.5)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-15.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-64%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net income</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13,122.6 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,731.9 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Attributed to:</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Equity holders of Ambev</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12,671.0 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">96.6%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,379.4 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">97.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">451.6 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3.4%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">352.5 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">28%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>* Discrepancy in the sums of the amounts is due to
rounding.</I></P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><U>Highlights of the Financial Information per Business Segment</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The table below contains some of the financial information
per business segment regarding the years ended on December 31, 2021 and 2020:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2021</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">CAC<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">LAS<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Canada</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Total</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">CAC<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">LAS<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Canada</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Total</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">35,586.5</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">9,947.4</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">16,571.7</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">10,748.7</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">72,854.3</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">30,196.5</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">7,319.3</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">11,560.8</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">9,302.4</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">58,379.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Cost of sales</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(18,309.1)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(4,727.9)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(8,235.7)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(4,387.0)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(35,659.7)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(14,112.9)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(3,307.5)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(5,937.4)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(3,708.3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(27,066.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Gross profits</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">17,277.4</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">5,219.5</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">8,336.0</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">6,361.7</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">37,194.6</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">16,083.6</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">4,011.8</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">5,623.4</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">5,594.1</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">31,312.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Administrative, sales and marketing expenses</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(11,569.6)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(1,993.7)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(4,385.0)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(3,897.3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(21,845.6)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(9,315.6)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(1,598.9)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(3,233.3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(3,420.3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(17,568.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Other operational income (expenses)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,096.0</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12.4</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">38.8</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(23.1)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,124.1</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,887.2</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(23.5)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(159.9)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(24.4)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,679.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Non-recurring items</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(210.1)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(46.7)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(115.4)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(20.6)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(392.8)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(173.8)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(70.5)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(145.7)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(62.0)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(452.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Income from operations</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">7,593.7</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">3,191.5</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">3,874.4</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,420.7</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">17,080.3</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">9,481.4</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,318.9</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,084.5</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,087.4</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">15,972.2</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and soft drink operation in the Central America
and in the Caribbean.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(2) It includes the operations of Argentina, Bolivia,
Paraguay, Uruguay and Chile.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>(i) The balances of 2019 were reclassified, between
Net revenue and Other operating income/(expenses), for comparative purposes, according to the change in accounting policy indicated in
item 10.4 of this <U>Exhibit A.I.</U></I></P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Net revenue</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">For more information about the sales net revenue, see
section 10.2(b).</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Cost of sales</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The total cost of products sold increased 31.8% in
the year ended on December 31, 2021, reaching R$ 35,659.7 million, compared to R$ 27,066.1 million in the same period in 2020. As a percentage
of the Company&#8217;s net revenue, the total cost of sales increased to 48.9% in 2021, in relation to 46.4% in 2020.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><B>Cost of products sold per hectoliter</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Year ended on December 31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2021</FONT></TD>
    <TD STYLE="width: 25%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2020</FONT></TD>
    <TD STYLE="width: 25%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">% Variation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(in Reais, except for percentages)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">153.2 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">126.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">20.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Brazil Beer<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">169.3 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">140.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">20.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">NAB<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">102.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">82.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">24.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">CAC<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">352.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">288.8 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">22.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Latin America South</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">219.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">179.6 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">22.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Canada</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">442.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">370.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">19.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Company Consolidated</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">197.7 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">163.2 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">21.1%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and &#8220;future beverages&#8221; operations
of the Company in Brazil.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(2) Non-alcoholic beverages.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(3) Beer and soft drink operations in Central America
and in the Caribbean.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Brazilian Operations</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The total cost of sales of the Company&#8217;s Brazilian
operations increased 29.7% in the year ended on December 31, 2021, reaching R$ 18,309.1 million in relation to R$ 14,112.9 million in
the same period in 2020. The cost of the products sold in the Company&#8217;s Brazilian operations, per hectoliter, increased 20.8% in
the year ended on December 31, 2021, reaching R$ 153.2/hl in relation to R$ 126.8/hl in the same period</P>


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<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">in 2020.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Beer Operation in Brazil</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in the beer operation in
Brazil increased 28.8%, reaching R$ 15,382.1 million in the year ended on December 31, 2021. The cost of products sold, per hectoliter,
increased 20.2%. The main factors that contributed to such increase were the increase in raw material costs along with the depreciation
of <I>Real</I> against the US dollar.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Non-alcoholic beverages operation in Brazil (&#8220;NAB&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in the non-alcoholic beverages
operation in Brazil increased 34.8%, reaching R$ 2,927.1 million, mainly due to input costs. The cost of products sold per hectoliter
increased 24.5% in 2021, amounting to R$ 102.0/hl, mainly as a result of the same factors of the beer operation in Brazil.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operation in Central America and the Caribbean (&#8220;CAC&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in CAC operations increased
42.9% in 2021, reaching R$ 4,727.9 million. The cost of products sold per hectoliter increased 22.1% in reported terms, but increased
17.9% in organic terms, disregarding effects of currency variation in the conversion to <I>Reais</I>. The increase of the cost per hectoliter
in local currency is explained by the cost of our raw materials.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Latin America South Operations (&#8220;LAS&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in LAS amounted to R$ 8,235.7
million in 2021, representing an increase of 38.7% compared to 2020. The cost of products sold, per hectoliter, increased 22.3% in reported
terms, but increased 27.3% in organic terms, disregarding effects of currency variation in the conversion to <I>Reais</I>. The main factors
that explain such an increase in local currency are the high inflation in Argentina and the depreciation of Argentinean Peso against US
Dollar, and the increase on the cost of our raw materials.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operations in Canada</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in our operations in Canada
increased 18.3% in the year ended on December 31, 2021, amounting to R$ 4,<FONT STYLE="letter-spacing: 0.05pt">386,9</FONT> million compared
to the same period in the previous year. The cost of products sold, per hectoliter, increased 19.2% in reported terms, but increased 5.7%
in organic terms, disregarding effects of currency variation in the conversion to <I>Reais</I>. The main factor that explains the increase
in local currency is the cost of our raw materials.</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Gross profit</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The gross profit increased 18.8% in the year ended
on December 31, 2021, amounting R$ 37,194.6 million, compared to R$ 31,312.9 million in the same period of 2020. The table below shows
the contribution of each business unit to the consolidated gross profit of the Company.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Gross profit</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2021</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(in million Reais, except for percentages)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Amount</FONT></TD>
    <TD STYLE="width: 13%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">% Contrib.</FONT></TD>
    <TD STYLE="width: 10%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Margin</FONT></TD>
    <TD STYLE="width: 11%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Amount</FONT></TD>
    <TD STYLE="width: 13%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">% Contrib.</FONT></TD>
    <TD STYLE="width: 10%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Margin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">17,277.4 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">46.5%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">49%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">16,083.6 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">51.4%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">53%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Brazil Beer<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">15,155.1 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">40.7%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">50%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">14,011.3 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">44.7%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">54%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">NAB<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,122.3 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5.7%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">42%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,072.3 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.6%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">49%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">CAC<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5,219.5 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">14.0%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">52%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,011.8 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">12.8%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">55%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Latin America South</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">8,336.0 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">22.4%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">50%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5,623.4 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">18.0%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">49%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Canada</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6,361.7 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">17.1%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">59%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5,594.1 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">17.9%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">60%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Company Consolidated</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">37,194.6 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">100.0%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">51%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">31,312.9 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">100.0%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">54%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and &#8220;future beverages&#8221; operation
of the Company in Brazil.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(2) Non-alcoholic beverages.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(3) Beer and soft drink operation in Central America
and in the Caribbean.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><U>Administrative, Distribution, and Sales and Marketing Expenses </U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses of the Company amounted to R$ 21,845.6 million in the year ended on December 31, 2021, representing an increase of 24.3% compared
to the same period in 2020. The analysis of the administrative, distribution, and sales and marketing expenses in each of the business
units is as follows.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Brazilian Operations</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses, in Brazil, amounted to R$ 11,569.6 million in the year ended on December 31, 2021, an increase of 24.2% compared to the same
period in 2020.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Beer Operation in Brazil</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses amounted to R$ 9,975.4 million in the year ended on December 31, 2021, an increase of 25.7% compared to the same period in 2020,
mainly explained by an increase in administrative expenses of variable compensation, distribution, associated with the last-mile cost
of platform Z&eacute; Delivery, innovations and by the expenses with sales and marketing to support volume growth in the country.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Non-alcoholic and beverages operation in Brazil
(&#8220;NAB&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses related to the non-alcoholic beverages segment amounted to R$ 1,594.2 million in the year ended on December 31, 2021, an increase
of 15.3% compared to the same period in 2020 mainly due to higher distribution and variable compensation costs related to positive volume
performance in all regions of the country.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operation in Central America and the Caribbean (&#8220;CAC&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses related to the Company&#8217;s operations in</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">CAC amounted to R$ 1,993.6 million in the year ended on
December 31, 2021, an increase of 24.7% compared to the same period in 2020. In organic terms, disregarding the effects of the foreign-exchange
variations and changes to the scope of the operation, our administrative, distribution, and sales and marketing expenses increased 20.0%,
mainly explained by an increase in variable compensation administrative expenses, and logistics and marketing expenses due to volume growth.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operations in Latin America South (&#8220;LAS&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses of the Company in LAS amounted to R$ 4.384,9 million in the year ended on December 31, 2021, an increase of 35.6%, if compared
to the same period in 2020, driven by the logistic and administrative expenses, impacted by the high inflation in Argentina. In organic
terms, disregarding the effects of the foreign-exchange variation, our administrative, distribution, and sales and marketing expenses
increased 44.7%, mainly impacted by an increase in variable compensation administrative expenses and inflationary pressures in Argentina.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operations in Canada</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses in our operation in Canada amounted to R$ 3,897.4 million in the year ended on December 31, 2021, an increase of 13.9%, if compared
to the same period in 2020, as a result of the impact of currency conversion as Canadian dollar appreciated against <I>Real</I> over the
period. In organic terms, disregarding the effects of foreign-exchange variation, our administrative, distribution, and sales and marketing
expenses increased 0.5%, what we still consider an efficient review of discretionary expenses in the country.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Other Operational Income (Expenses)</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net balance of other operational income and expenses
related to the year of 2021 posted gains of R$ 2,124.1 million, compared to gains of R$ 2,679.4 million reported in 2020. The decrease
of 20.7% is explained mainly by the reduction in the effect of the recognition of tax credits in Brazil related to the unconstitutionality
of the inclusion of ICMS state tax in the PIS and COFINS calculation base.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Non-recurring items</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The non-recurring items amounted to an expense of R$
392.8 million in 2021, compared to an expense of R$ 452.0 million reported in 2020. The expenses recorded in 2021 are mainly explained
by the (i) non-recurring expenses incurred due to the COVID-19 pandemic, including actions taken to ensure the health and safety of Company&#8217;s
employees, as well as the purchase of hand sanitizers and masks, additional cleaning of the facilities and donations to the community
in general; and (ii) restructuring expenses mainly linked to centralization and sizing projects in Brazil and Latin America South.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Operating Income</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The operating income increased 6.9% in the period ended
on December 31, 2021, reaching R$ 17, 080.2 million in relation to the amount of R$ 15,972.2 million in the same period in 2020, mainly
as a result of the increase of revenue, partially offset by higher costs.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Net Financial Result</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The financial result in the period ended on December
31, 2021 was an expense of R$ 3,205.4 million, compared to an expense of R$ 2,434.4 million in 2020. The increase of 31.7% was driven
by (i) a lower recognition of interest related to extemporaneous tax credits; and (ii) higher losses on derivative instruments, mainly
explained by the increase in the carry cost of currency hedges linked to our exposure of the cost of goods sold in Argentina and Brazil.
Such effects above were partially offset by (i) a positive impact resulting from the application of the Accounting and Disclosure Rule
in Highly Inflationary Economy (IAS 29/CPC 42), since the effect of the adjustment for cumulative inflation, from January 1, 2019, of
non-monetary assets on the balance sheet of our operations in Argentine was reported in a</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">dedicated account in the finance results; <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(ii)
lower impact of interest on financial expenses due to the reduction of Ambev&#8217;s total debt; and (iii) lower losses related to the
balance sheet exposure. The finance result includes the non-recurring impact of the recognition of tax credits from litigations in Brazil
related to the unconstitutionality of the inclusion of ICMS state tax in the PIS and COFINS calculation base.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The total debt of the Company, including current and
non-current debt, in the period ended on December 31, 2021 decreased R$ 1,691.7 compared to 2020, while its amount of cash and cash equivalents,
net of bank overdrafts, and current financial investments, decreased R$ 278.6 million.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Expense with income tax and social contribution</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The expenses with income tax and social contribution
in 2021 amounted to R$ 636.6 million, compared to R$ 1,762.5 million registered in 2020. The effective social contribution and income
tax rate in 2021 was 4.6% compared to the effective tax rate of 13.1% in 2020. The main events that took place in the period and that
impacted the effective tax rate were:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">- Judgment of Extraordinary Appeal No. 1,063,187/SC
(Topic 962) by the plenary of STF - unconstitutionality of IRPJ and CSLL incidence on interest and monetary correction in undue tax payments:
reversal of deferred IRPJ and CSLL calculated on Selic interest of tax credits recognized as a result of the judgment of RE 574.706/PR
by STF, as well as the recognition of IRPJ and CSLL amounts to recover from taxed values in the past;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">- Government grants related to taxes on sales: the
reduction of the tax expenses reflects the deductibility of the subsidies for investment arising out of deferred or presumed credits on
ICMS.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">- Income tax withheld at source: increase in the balance
of income tax withheld at source in 2021, mainly due to the exchange rate variation of balances held in liabilities related to dividends
distributed and to be distributed to subsidiaries located abroad, whenever applicable in accordance with local tax legislation.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">- Benefit of deductibility of interest on capital (&#8220;<U>IOC</U>&#8221;):
according to the Brazilian legislation, the companies can opt for distributing IOC calculated based on the Long-Term Interest Rate (&#8220;<U>TJLP</U>&#8221;),
which is deductible for income tax purposes under the applicable legislation, whose amount distributed in 2021 was of R$ 7,400.1 million,
and the tax impact was of R$ 2,516,0 million.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Net Profit</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">The net profit obtained by the Company in the year ended on December 31,
2021 was R$ 13,122.6 million, representing an increase of 11.9%, if compared to R$ 11,731.9 million in 2020, while adjusted by the non-recurring
items, the net profit decreased 11.3% in 2021 to R$ 13,472.3 million.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B><U>Comparative analysis of Operational Results as of December 31, 2020
and December 31, 2019</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">The consolidated
results of the Company are presented as follows:</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><B>Highlights
of Consolidated Financial Information</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt"><I>(in million
Reais, except for amounts related to volume, percentages*)</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 28%; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="width: 15%">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">Vertical</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">Analysis</P></TD>
    <TD STYLE="width: 16%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2019(i)</FONT></TD>
    <TD STYLE="width: 15%">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">Vertical</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">Analysis</P></TD>
    <TD STYLE="width: 16%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Variation 2020/2019</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">58,379.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">52,005.1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6,373.9 </FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cost of sales</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(27,066.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-46.4%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(21,678.2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-41.7%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(5,387.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Gross profit</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">31,312.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">53.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">30,326.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">58.3%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">986.0 </FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Distribution expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(8,245.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-14.1%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(6,951.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-13.4%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,293.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Sales and Marketing expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(6,374.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-10.9%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(5,696.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-11.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;(678.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,948.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-5.1%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,680.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-5.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(268.5)</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 28%; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other operational income (expenses)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,679.4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,472.7 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2.8%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,206.7 </FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Costs arising from business combination</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(18.2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(18.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Restructuring</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(146.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.3%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(101.8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(44.7)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(9.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(5.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">State Amnesty</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(290.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">290.1 </FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">COVID-19 Impacts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(263.2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.5%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(263.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Stella recall</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(14.8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(14.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income from operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,972.2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">27.4%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16,074.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">30.9%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(102.7)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Finance expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(5,430.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-9.3%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,748.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-9.1%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(682.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Finance income</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,996.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5.1%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,638.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,357.1 </FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net finance result</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,434.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-4.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3,109.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-6.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">675.0 </FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">Share of result of joint ventures</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(43.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-0.1%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(22.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(21.0)</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">Income before income tax</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13,494.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">23.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12,943.1 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">24.9%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">551.3 </FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income tax expense</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,762.5)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-3.0%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(754.7)</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-1.5%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,007.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net income</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,731.9 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">20.1%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12,188.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">23.4%</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(456.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Attributed to:</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Equity holders of Ambev</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,379.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,780.0 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(400.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">352.5 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">408.4 </FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(55.9)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>* Discrepancy in the sums of the amounts is due to
rounding.</I></P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>(i) The balances of 2019 were reclassified, between
Net revenue and Other operating income/(expenses), for comparative purposes, according to the change in accounting policy indicated in
item 10.4 of this <U>Exhibit A.I</U>.</I></P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><U>Highlights of the Financial Information per Business Segment</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The table below contains some of the financial information
per business segment regarding the years ended on December 31, 2020 and 2019:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2020</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2019(i)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">CAC<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">LAS<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Canada</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Total</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">CAC<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">LAS<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Canada</FONT></TD>
    <TD STYLE="text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Total</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">30,196.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">7,319.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">11,560.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">9,302.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">58,379.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">28,129.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">6,757.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">10,028.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">7,088.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">52,005.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Cost of sales</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(14,112.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(3,307.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(5,937.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(3,708.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(27,066.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(12,096.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(2,934.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(3,998.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(2,649.8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(21,678.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Gross profits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">16,083.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">4,011.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">5,623.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">5,594.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">31,312.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">16,033.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">3,823.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">6,030.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">4,438.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">30,326.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Administrative, sales and marketing expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(9,315.6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(1,598.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(3,233.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(3,420.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(17,568.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(8,585.7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(1,494.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(2,540.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(2,707.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(15,327.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Other operational income (expenses)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,887.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(23.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(159.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(24.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,679.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">1,421.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">85.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(18.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(16.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">1,472.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Non-recurring items</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(173.8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(70.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(145.7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(62.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(452.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(328.2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(17.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(51.9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">(397.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Income from operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">9,481.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,318.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,084.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,087.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">15,972.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">8,540.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,398.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">3,420.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">1,715.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">16,074.9</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and soft drink operation in the Central America
and in the Caribbean.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(2) It includes the operations of Argentina, Bolivia,
Paraguay, Uruguay and Chile.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>(i) The balances of 2019 were reclassified, between
Net revenue and Other operating income/(expenses), for comparative purposes, according to the change in accounting policy indicated in
item 10.4 of this <U>Exhibit A.I</U>.</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Net revenue</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">For more information about the sales net revenue, see
section 10.2(b).</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Cost of sales</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The total cost of products sold increased 24.9% in
the year ended on December 31, 2020, reaching R$ 27,066.1 million, compared to R$ 21,678.2 million in the same period in 2019. As a percentage
of the Company&#8217;s net revenue, the total cost of sales increased to 46.4% in 2020, in relation to 41.7% in 2019.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><B>Cost of products sold per hectoliter</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Year ended on December 31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2020</FONT></TD>
    <TD STYLE="width: 25%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2019</FONT></TD>
    <TD STYLE="width: 25%; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">% Variation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(in Reais, except for percentages)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">126.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">113.3</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">12.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Brazil Beer<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">140.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">125.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">12.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">NAB<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">82.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">77.5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">CAC<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">288.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">211.7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">36.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Latin America South</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">179.6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">121.2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">48.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Canada</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">370.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">276.4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">34.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Company Consolidated</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">163.2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">132.8</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">22.9%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and &#8220;future beverages&#8221; operations
of the Company in Brazil.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(2) Non-alcoholic beverages.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(3) Beer and soft drink operations in Central America
and in the Caribbean.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Brazilian Operations</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The total cost of sales of the Company&#8217;s Brazilian
operations increased 16.7% in the year ended on December 31, 2020, reaching R$ 14,112.9 million in relation to R$ 12,096.3 million in
the same period in 2019. The cost of the products sold in the Company&#8217;s Brazilian operations, per hectoliter, increased 12.0% in
the year ended on December 31, 2020, reaching R$ 126.8/hl in relation to R$ 113.3/hl in the same period in 2019.</P>


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<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Beer Operation in Brazil</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in the beer and &#8220;future
beverages&#8221; operation in Brazil increased 19.0%, reaching R$ 11,941.7 million in the year ended on December 31, 2020. The cost of
products sold, per hectoliter, increased 12.6%. The main factors that contributed to such increase were the depreciation of <I>Real</I>
against the US dollar, impacting the cost of our raw materials indexed to US dollar, the increased weight of aluminum cans in package
mix driven by a change in channels caused by restrictions on people circulation imposed by the local governments in response to the COVID-19
pandemic, and volume growth.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Non-alcoholic beverages operation in Brazil (&#8220;NAB&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in the non-alcoholic beverages
operation in Brazil increased 5.5%, reaching R$ 2,171.2 million, mainly due to input costs. The cost of products sold per hectoliter increased
5.7% in 2020, amounting to R$ 82.0/hl, mainly as a result of the same factors.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operation in Central America and the Caribbean (&#8220;CAC&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in CAC operations increased
12.7% in 2020, reaching R$ 3,307.5 million. The cost of products sold per hectoliter increased 36.4% in reported terms, but increased
12.9% in organic terms, disregarding effects of currency variation in the conversion to <I>Reais</I>. The increase of the cost per hectoliter
in local currency is explained by the package mix driven by a change in channels caused by restrictions on people circulation imposed
by the local governments in response to the COVID-19 pandemic and the operational deleverage generated by the decrease in volumes in the
region.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Latin America South Operations (&#8220;LAS&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in LAS amounted to R$ 5,937.4
million in 2020, representing an increase of 48.5% compared to 2019. The cost of products sold, per hectoliter, increased 48.2 % in reported
terms, but increased 40.7% in organic terms, disregarding effects of currency variation in the conversion to <I>Reais</I>. The main factors
that explain such an increase in local currency are the high inflation in Argentina, the depreciation of Argentinean Peso against US Dollar,
which raised the cost of our raw materials indexed to US Dollar, and the modification in package mix driven by a change in channels caused
by restrictions on people circulation imposed by the local governments in response to the COVID-19 pandemic.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operations in Canada</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in our operations in Canada
increased 39.9% in the year ended on December 31, 2020, amounting to R$ 3,708.3 million compared to the same period in the previous year.
The cost of products sold, per hectoliter, increased 34.2% in reported terms, but increased 3.7% in organic terms, disregarding effects
of currency variation in the conversion to <I>Reais</I>. The main factor that explains the increase in local currency is the modification
in package mix driven by a change in channels caused by restrictions on people circulation imposed by the local governments in response
to the COVID-19 pandemic.</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Gross profit</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The gross profit increased 3.3% in the year ended on
December 31, 2020, amounting R$ 31,312.9 million, compared to R$ 30,921.6 million in the same period of 2019. The table below shows the
contribution of each business unit to the consolidated gross profit of the Company.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Gross profit</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2020</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2019(i)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(in million Reais, except for percentages)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Amount</FONT></TD>
    <TD STYLE="width: 13%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">% Contrib.</FONT></TD>
    <TD STYLE="width: 10%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Margin</FONT></TD>
    <TD STYLE="width: 11%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Amount</FONT></TD>
    <TD STYLE="width: 13%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">% Contrib.</FONT></TD>
    <TD STYLE="width: 10%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Margin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">16,083.6 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">51.4%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">53%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">16,033.6 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">52.9%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">57%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Brazil Beer<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">14,011.3 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">44.7%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">54%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">13,727.6 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">45.3%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">58%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">NAB<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,072.3 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6.6%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">49%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">2,306.0 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">7.6%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">53%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">CAC<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,011.8 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">12.8%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">55%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">3,823.8 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">12.6%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">57%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Latin America South</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5,623.4 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">18.0%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">49%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">6,030.7 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">19.9%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">60%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Canada</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">5,594.1 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">17.9%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">60%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">4,438.8 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">14.6%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">63%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Company Consolidated</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">31,312.9 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">100.0%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">54%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">30,326.9 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">100.0%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">58%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and &#8220;future beverages&#8221; operation
of the Company in Brazil.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(2) Non-alcoholic beverages.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(3) Beer and soft drink operation in Central America
and in the Caribbean.</P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>(i) The balances of 2019 were reclassified, between
Net revenue and Other operating income/(expenses), for comparative purposes, according to the change in accounting policy indicated in
item 10.4 of this <U>Exhibit A.I</U>.</I></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><U>Administrative, Distribution, and Sales and Marketing Expenses</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses of the Company amounted to R$ 17,568.1 million in the year ended on December 31, 2020, representing an increase of 14.6% compared
to the same period in 2019. The analysis of the administrative, distribution, and sales and marketing expenses in each of the business
units is as follows.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Brazilian Operations</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses, in Brazil, amounted to R$ 9,315.6 million in the year ended on December 31, 2020, an increase of 8.5% compared to the same period
in 2019.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Beer Operation in Brazil</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses amounted to R$ 7,933.2 million in the year ended on December 31, 2020, an increase of 9.4% compared to the same period in 2019,
mainly explained by an increase in distribution expenses associated with the last-mile cost of our direct-to-consumer platform Z&eacute;
Delivery and the regional mix, and by the expenses with sales and marketing to support volume growth in the country.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Non-alcoholic and beverages operation in Brazil
(&#8220;NAB&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses related to the non-alcoholic beverages segment amounted to R$ 1,382.4 million in the year ended on December 31, 2020, an increase
of 3.7% compared to the same period in 2019 mainly due to higher distribution costs related to positive volume performance in northern
regions of the country.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operation in Central America and the Caribbean (&#8220;CAC&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses related to the Company&#8217;s operations in</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">CAC amounted to R$ 1,598.9 million in the year ended on
December 31, 2020, an increase of 7.0% compared to the same period in 2019, mainly as a consequence of the impact of the currency conversion
as local currencies appreciated against <I>Real</I> over the period, and of higher depreciation. In organic terms, disregarding the effects
of the foreign-exchange variations, our administrative, distribution, and sales and marketing expenses decreased 12.5%, reflecting the
efficient review of discretionary expenses in the region.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operations in Latin America South (&#8220;LAS&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses of the Company in LAS amounted to R$ 3,233.3 million in the year ended on December 31, 2020, an increase of 27.3%, if compared
to the same period in 2019, driven by the logistic and administrative expenses, impacted by the high inflation in Argentina and amplified
by the impact of the currency conversion as local currencies appreciated against <I>Real</I> over the period. In organic terms, disregarding
the effects of the foreign-exchange variation and changes to the scope of the operation, our administrative, distribution, and sales and
marketing expenses increased 23.4%, mainly impacted by inflationary pressures in Argentina.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operations in Canada</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The administrative, distribution, and sales and marketing
expenses in our operation in Canada amounted to R$ 3,420.3 million in the year ended on December 31, 2020, an increase of 26.3%, if compared
to the same period in 2019, as a result of the impact of currency conversion as Canadian dollar appreciated against <I>Real</I> over the
period. In organic terms, disregarding the effects of foreign-exchange variation, our administrative, distribution, and sales and marketing
expenses decreased 3.9%, reflecting the efficient review of discretionary expenses in the country.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Other Operational Income (Expenses)</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net balance of other operational income and expenses
related to the year of 2020 posted gains of R$ 2,679.4 million, compared to gains of R$ 1,472.7 million reported in 2019. The decrease
of 81.9% is explained mainly due to the effect of the recognition of tax credits in Brazil related to the unconstitutionality of the inclusion
of ICMS state tax in the PIS and COFINS calculation base.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Non-recurring items</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The non-recurring items amounted to an expense of R$
452.0 million in 2020, compared to an expense of R$ 397.2 million reported in 2019. The expenses recorded in 2020 are mainly explained
by the (i) non-recurring expenses incurred due to the COVID-19 pandemic, including actions taken to ensure the health and safety of Company&#8217;s
employees, as well as the purchase of hand sanitizers and masks, additional cleaning of the facilities and donations to the community;
and (ii) restructuring expenses mainly linked to centralization and sizing projects in Brazil and Latin America South.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Operating Income</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The operating income decreased 0.6% in the period ended
on December 31, 2020, reaching R$ 15,972.2 million in relation to the amount of R$ 16,074.9 million in the same period in 2019, mainly
as a result of higher costs, partially offset by the increase of revenue.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Net Financial Result</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The financial result in the period ended on December
31, 2020 was an expense of R$ 2,434.5 million, compared to an expense of R$ 3,109.5 million in 2019. The decrease of 21.7% was driven
by (i) higher interest income, impacted by our cash balance, mainly in <I>Reais</I>, and the gain of R$ 1.753 million related to extemporaneous
tax credits; and (ii) a positive impact resulting from the application of the Accounting and Disclosure Rule in Highly Inflationary Economy
(IAS 29), since the effect of the adjustment for cumulative inflation, from January 1, 2019, of non-monetary assets on the balance sheet
of our operations in Argentine was reported in a dedicated account in the finance results. Such effects above were partially offset by
(a)</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">higher losses on derivative instruments, mainly driven
by the carry cost of our currency hedges, primarily linked to the exposure of our cost of goods sold in Argentina, (b) <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">losses
related to the balance sheet exposure (intercompany and accounts payable), mainly linked to the depreciation of Argentine <I>peso</I>
and Brazilian <I>reais</I>, and (c) taxes on financial transactions. The finance result includes the non-recurring impact of the recognition
of tax credits from litigations in Brazil related to the unconstitutionality of the inclusion of ICMS state tax in the PIS and COFINS
calculation base.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The total debt of the Company, including current and
non-current debt, in the period ended on December 31, 2020 increased R$ 1,729.5 million compared to 2019, while its amount of cash and
cash equivalents, net of bank overdrafts, and financial investments, increased R$ 6,875.0 million.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Expense with income tax and social contribution</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The expenses with income tax and social contribution
in 2020 amounted to R$ 1,762.5 million, compared to R$ 754.7 million registered in 2019. The effective social contribution and income
tax rate in 2020 was 13.1% compared to the effective tax rate of R$ 5.8% in 2019. The main events that took place in the period and that
impacted the effective tax rate were:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">- Government grants related to taxes on sales: the
reduction of the tax expenses reflects the deductibility of the subsidies for investment arising out of deferred or presumed credits on
ICMS.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">- Benefit of deductibility of interest on capital (&#8220;<U>IOC</U>&#8221;):
according to the Brazilian legislation, the companies can opt for distributing IOC calculated based on the Long-Term Interest Rate (&#8220;<U>TJLP</U>&#8221;),
which is deductible for income tax purposes under the applicable legislation, whose amount distributed in 2020 was of R$ 6,509.5 million,
and the tax impact was of R$ 2,213.2 million.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Net Profit</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net profit obtained by the Company in the year
ended on December 31, 2020 was R$ 11,731.9 million, representing a decrease of 3.7%, if compared to R$ 12,188.4 million in 2019, while
adjusted by the non-recurring items, the net profit decreased 3.6% in 2020 to R$ 12,104.3 million.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Cash Flow for the Year Ended on December 31,
2021 compared with 2020</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Variation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Cash flow</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2021/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cash flow of the operating activities</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">22,901.3</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18,855.8</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">21.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cash flow of the investment activities</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-7,735.0</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-6,799.6</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cash flow of financial activities</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-16,040.0</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-8,602.0</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">86.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-875.7</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>3,454.2</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-125.4%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Operating activities</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company&#8217;s cash flow from operating activities
increased 21.5%, reaching R$ 22,901.0 million in the year ended on December 31, 2021, in relation to the R$ 18,855.8 million in the same
period in 2020, mainly due to the use of tax credits, operating leverage effect on cash and an increase of 24.8% in net revenue, partially
offset by (i) an increase of 34.3% in the cost of product sold (excluding depreciation and amortization) and an increase of 28.5% in the
distribution, administrative, sales and marketing expenses (excluding depreciation and amortization), and (ii) an increase in income taxes
paid.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Investment Activities</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cash flow used in the investment activities of
the Company in the year ended on December 31, 2021 amounted R$ 7,734.9 million, compared to R$ 6,799.6 million in the same period of 2020,
mainly explained by an increase in the acquisition of property, plant and equipment and intangible assets of R$2,984.4 million in 2021
compared to 2020, partially offset by the reduction in financial investments.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Financial Activities</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cash flow of the financial activities in the year
ended on December 31, 2021 amounted to a cash outflow of R$ 16,041.8 million, compared to the cash outflow of R$ 8,602.0 million in the
same period in 2020, mainly as a result of an increase in proceeds from borrowings and a reduction in disbursements related to the payment
of dividends and interest on own capital.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Cash Flow for the Year Ended on December 31,
2020 compared with 2019</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Variation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Cash flow</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2020/2019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cash flow of the operating activities</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18,855.8</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18,381.3</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cash flow of the investment activities</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-6,799.6</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-4,838.6</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">40.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cash flow of financial activities</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-8,602.0</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-12,283.5</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">30.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>3,454.2</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,259.2</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>174.3%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Operating activities</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company&#8217;s cash flow from operating activities
increased 2.6%, reaching R$ 18,855.8 million in the year ended on December 31, 2020, in relation to the R$ 18,381.3 million in the same
period in 2019, mainly due to an improvement in the variation of working capital during 2020, with an increase of R$ 1,081.6 million in
2020 and an increase of 12.3% in net revenue, partially offset by (i) an increase of 24.9% in the cost of product sold (excluding depreciation
and amortization) and an increase of 14.4% in the distribution, administrative, sales and marketing expenses (excluding depreciation and
amortization), and (ii) an increase in income taxes paid.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Investment Activities</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cash flow used in the investment activities of
the Company in the year ended on December 31, 2020 amounted R$ 6,799.6 million, compared to R$ 4,838.6 million in the same period of 2019,
mainly explained by an increase in financial investments of R$ 1,764.3 million in 2020 compared to 2019.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Financial Activities</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cash flow of the financial activities in the year
ended on December 31, 2020 amounted to a cash outflow of R$ 8,602.0 million, compared to the cash outflow of R$ 12,283.5 million in the
same period in 2019, mainly as a result of an increase in proceeds from borrowings and a reduction in disbursements related to the payment
of dividends and interest on own capital.</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0"><B>10.2 &#8211; Operating and financial income</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>a) Operating income of the Company, particularly:
(i) the description of material income components; and (ii) factors with material impact on operating income.</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>i) Description of any material income components</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In the fiscal years ended on December 31, 2021, 2020
and 2019, the revenues of the Company and its subsidiaries primarily consisted of the sale of beers, &#8220;future beverages&#8221; and
non-alcoholic beverages through the operations described in Item 10.1 above. To a lesser extent, the Company also generates revenues from
the sale of malt and by-products deriving from its operations.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The demand for its products is primarily related to
consumer disposable income, price and weather conditions in the countries where the Company and its subsidiaries operate.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>ii) Factors that materially affect operating income</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>2021</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">In 2021, the consistent
implementation of our strategy led us to a net revenue growth of 23.7%, but the year was still marked by a very challenging operating
environment in our markets, mainly due to the effects of the COVID-19 pandemic and its consequences, both on the economy and on consumption
habits, including of our products. At certain times of the year, the pandemic cooled down and we observed population mobility and consumer
behavior return to pre-pandemic patterns, which brings us good prospects for the future. On the other hand, we observed some macroeconomic
deterioration, especially in Brazil, with inflation to consumers exceeding 10% and inflation to producers exceeding 28%, according to
IBGE, which led to cost and margin pressure in the industry. We maintained the business momentum we built in the second half of 2020,
delivering most of our ambitions for the year: we achieved the highest sales volume in company&#8217;s history, we achieved net revenue
31.2% higher than in the pre-pandemic period and we organically grew EBITDA by 10.9% against 2020, despite cost pressures arising from
the depreciation of <I>Real</I>, the increase in the price of metal and agricultural commodities and the bonus provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">In Brazil, beer sales
volume grew 7.1% in the year, reaching historic levels, including beating the 2014 volume record by more than 8 million hectoliters. This
performance was due to the improvement in the health of our brands; our beer innovations, led by Brahma Duplo Malte and our digital platforms
that continued to grow at a fast pace. The beyond beer portfolio continued to strengthen with Beats line, which continued its successful
partnership with singer Anitta.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">More than 85% of our
customers now use BEES, our B2B (Business-to-Business) platform to place orders. The digitization of our RTM (Route-to-market) took place
at an accelerated pace in 2021 and brought benefits to customers, such as flexibility, scheduled delivery and rewards program, in addition
to a broader offering of our portfolio and third-party products.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">Z&eacute; Delivery delivered
61 million orders in 2021, 155% more than the previous year and reached 4 million Monthly Active Users (MAU). Donus, our fintech, ended
the year with 218 thousand digital accounts integrated into BEES, so our customers can manage invoices with Ambev in an integrated way,
in addition to being able to use Donus to receive from their customers, as well as pay their suppliers.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">Net revenue per hectoliter
grew by almost 9.8%, thanks to mix effects, given the good performance of our above-core brands, the return of returnable packaging, mainly
in on-trade, and our revenue management initiatives, leading to a net revenue 17.7% higher than 2020 and 28.5% higher than 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">In the non-alcoholic
beverage segment, our volume grew 8.3% thanks to the good performance of Gatorade and H2OH! brands. In 2021, we launched innovations of
new flavors in Sukita brand and also the new packaging of &Aacute;gua T&ocirc;nica. In terms of sustainability, our Guaran&aacute; Ant&aacute;rctica
is now produced with almost 100% recycled packaging.</FONT></P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">In Latin America South,
volume grew 13.5% compared to 2020 and, virtually, 13.7% above 2019. In Argentina, the industry had a strong performance, which, combined
with our above-core portfolio and innovations, generated market share gains, according to our estimates. In Chile, the partnership with
Coca-Cola Andina, Embonor and Iquique bottlers, to distribute our products, gained speed and delivered excellent results, especially with
Corona, the most appreciated beer brand in the country. On the other hand, our operations in Bolivia suffered greatly from the COVID-19
pandemic and remained below normal during the year, despite showing growth against the previous year.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">In Central America and
the Caribbean, volume grew 17.0% compared to 2020, despite ending the year 3.3% below 2019, and the beer business had a good recovery
in the year, ending at levels above the pre-pandemic period. Our above-core portfolio presented an excellent result, gaining mix weight
representation, and BEES and Colmapp digital platforms continue to grow in the Dominican Republic.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">Canada had a volume
drop of 0.8% compared to the previous year, but nearly 1.4% above pre-pandemic levels. The country suffered severe lockdowns to contain
the waves of COVID-19 infection, which ended up affecting our operations. Nevertheless, our above-core and ready-to-drink portfolios performed
well, especially Corona, Stella Artois, Michelob Ultra and NUTRL brands.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>2020</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">The year 2020 was marked
by the profound impact generated by the COVID-19 pandemic, which led to significant changes in the social dynamics, producing considerable
changes in the habits related to the consumption of our products in the markets in general, impacting the results of this year. Our traditional
ability to adapt to changes in the market has allowed us to guarantee the strength of our financial position, preserving Company&#8217;s
liquidity in short and long term. On the other hand, as the pandemic progressed, there were significant changes in consumer behavior and
in the dynamics of distribution and sales channels, which generated significant pressures on the cost of product sold due to the increased
share of one-way products in our portfolio, as well as the depreciation of currencies in our largest markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">The year 2020 was marked
by innovations and by the transformation of our business through technology. In the Brazil Beer, the highlight was the launch of Brahma
Duplo Malte, the result of the active listening of our consumers, which acquired the leadership of the core plus segment in the year of
its launch. Our premium beers maintained a growth rate above the beer industry, with the strengthening of our global brands, and we continued
to innovate in other beverage categories, with the launch of four new variants of the Beats family, the Beats Zodiac, in 12 collectible
editions in collaboration with the singer Anitta, in addition to the mixed beverages Mike&#8217;s and Isla.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">In the Brazilian Non-Alcoholic
Beverages (&#8220;NAB&#8221;) market, we nationally launched Natu, our version of Guaran&aacute; Antarctica made with 100% natural ingredients
and we continue to invest in reducing the sugar content in our portfolio. Throughout the year, our premium portfolio was impacted by the
change in dynamics between channels and the restrictions to the on-trade opening. The big highlight was Sukita, which now has Sukita lemon
and showed significant growth throughout the year.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In Latin America South (&#8220;LAS&#8221;), we faced <FONT STYLE="letter-spacing: 0.15pt">significant</FONT>
macroeconomic volatility, especially in Argentina, <FONT STYLE="letter-spacing: 0.15pt">which, coupled with the strong restrictions on
people circulation that impacted Bolivia during the pandemic, significantly impaired the results in the region.</FONT> In this scenario,
we kept the focus <FONT STYLE="letter-spacing: 0.15pt">on adapting to the restrictions and </FONT>strengthening our brands in each country.
In Argentina, the Andes Origen brand <FONT STYLE="letter-spacing: 0.15pt">continued to grow at an</FONT> accelerated pace throughout the
year, <FONT STYLE="letter-spacing: 0.15pt">contributing to the growth of the core plus segment</FONT>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">Central America and
the Caribbean (&#8220;CAC&#8221;) was our most impacted region in terms of volume. Our main countries in the region, Dominican Republic
and Panama, faced strict restrictions on the consumption of beverages and circulation of people, significantly affecting our sales. Despite
the challenges, we were efficient in our revenue management and expense control initiatives, which, coupled with the operational leverage
of our businesses in the countries due to the high weight of returnable formats, allowed us to maintain EBITDA margins at high levels
close to those of the previous year.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.15pt">For the first
time, in Canada, Corona assumed the position of the strongest beer brand in the country. The performance of our premium and core plus
portfolios, led by the brands Corona, Stella Artois and Michelob Ultra, led us to gain market share in 2020. Our ready to drink alcoholic
beverages showed significant growth, led by Nutrl, a brand of our new investee <I>Goodridge &amp; Williams</I> (<I>G&amp;W</I>).</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2019</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The year 2019 was marked by transformative investments
in our products, with new liquids and new packaging, innovations that seek the long-term sustainable growth of the Company, achieving
a growth in net revenue. On the other hand, we face significant cost pressures due to the increase in the raw material prices denominated
in dollars.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In Brazil, beer and non-alcoholic beverages industries
have resumed growth, in the face of a gradual improvement in the consumption environment. Additionally, in the beer segment in Brazil,
we introduced innovations in all market segments and continue to make structural investments directed at the consumer. We launched and
consolidated the Skol Puro Malte brand, which strengthens the Skol family of beers, and we move forward with the good momentum of the
Brahma brand, which maintained its connection with Brazilian passion points - soccer and country music. Our premium beers maintained a
strong double-digit growth rate. Finally, to continue innovating in other beverage categories, we developed and launched the Skol Beats
150 bpm and Skol Beats GT products. We also had positive results in the non-alcoholic beverages market in Brazil, with the premium brands
T&ocirc;nica, Lipton, do bem, H2OH! and Gatorade. In addition, we maintained important investments in the Guaran&aacute; Ant&aacute;rctica
brand.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In Latin America South (&#8220;LAS&#8221;), we faced
strong macroeconomic volatility, especially in Argentina, impacting results in the region. In this scenario, we kept the focus on strengthening
our brands in each country. Especially in Argentina, the Andes Origen brand, launched in the previous year, maintained an accelerated
pace of growth throughout the year.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In Central America and the Caribbean (&#8220;CAC&#8221;),
we continue with solid growth of our products, with emphasis on the Modelo Especial, Corona and Presidente beers. As a consequence, we
obtained an expansion of EBITDA and its margin in relation to the previous year.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In Canada, the good performance of the Bud Light, Michelob
Ultra, Stella Artois, Corona brands, in addition to our specialty beers, guaranteed our leadership position in the beer market.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>b) income variation ascribed to variations in prices,
foreign exchange rates, inflation, volumes and introduction of new products and services</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Net Revenue &#8211; Year ended on December 31,
2021 compared to 2020</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue increased 24.8% in the year ended on
December 31, 2021, reaching R$ 72,854.3 million in relation to the R$ 58,379.0 million in the same period in 2020.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 1.5in"><B>Net revenue</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.1pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.1pt"><B>&nbsp;</B></FONT></P></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>Year ended on December 31</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>% Variation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><I>In million Reais, except for percentages</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: 0.05pt"><B>B</B></FONT><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: -0.05pt">r</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: 0.05pt">azi</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">l</FONT></B></TD>
    <TD STYLE="width: 15%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>35,586.5</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>48.8%</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>30,196.5 </B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>51.7%</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>17.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Beer Brazil<B><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">30,537.2</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">41.9%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">25,953.0 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">44.5%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">17.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">NAB<B><SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5,049.4</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6.9%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,243.5 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.3%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">19.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>CAC<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>9,947.4</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>13.7%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>7,319.3 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12.5%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>35.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: 0.1pt"><B>Latin America South</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>16,571.7</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>22.7%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>11,560.8 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>19.8%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>43.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: -0.05pt"><B>C</B></FONT><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: 0.05pt">a</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: -0.05pt">n</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: 0.05pt">a</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: -0.15pt">d</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">a</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>10,748.7</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>14.8%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>9,302.4 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>15.9%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>15.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>72,854.3</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>&nbsp;58,379.0 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>24.8%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and &#8220;future beverages&#8221; operation of the
Company in Brazil</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(2) Non-alcoholic beverages</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(3) Beer and soft drink operation in Central America and in
the Caribbean</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: center"><B>Sales volume</B></P>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: center"><B>Year ended on December 31</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>2021</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>% Variation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><I>In thousands of hectoliters, except for percentages</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>119,530.6 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>66.3%</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>111,285.4 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>67.1%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>67.1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Beer Brazil<B><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">90,835.0 </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">50.4%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">84,791.7 </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">51.1%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">51.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">NAB<B><SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">28,695.5 </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">15.9%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">26,493.7 </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">16.0%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">16.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>CAC<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>13,401.9 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>7.4%</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>11,451.2 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>6.9%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>6.9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>Latin America South</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>37,511.6 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>20.8%</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>33,062.4 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>19.9%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>19.9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>9,924.1 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>5.5%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>9,998.9 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>6.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>6.0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B><U>Company Consolidate</U></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>180,368.1 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>165,797.9 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>100.0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and &#8220;future beverages&#8221; operation of the
Company in Brazil</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(2) Non-alcoholic beverages</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(3) Beer and soft drink operation in Central America and in
the Caribbean</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>Net revenue per hectoliter</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>Year ended on December 31</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 32%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-bottom: Black 1.5pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 22%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 24%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>%Variation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><I>(In Reais, except for percentages)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: 0.05pt"><B>B</B></FONT><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: -0.05pt">r</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: 0.05pt">azi</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">l</FONT></B></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>297.7</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>271.3 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>9.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Beer Brazil<B><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">336.2</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">306.1 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">NAB<B><SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">176.0</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">160.2 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><B>CAC<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">742.2</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">639.2 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>16.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: 0.1pt"><B>Latin America South</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>441.8</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>349.7 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>26.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: -0.05pt"><B>C</B></FONT><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: 0.05pt">a</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: -0.05pt">n</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: 0.05pt">a</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: -0.15pt">d</FONT></B><B><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">a</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>1,083.1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>930.3 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>16.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>403.9</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>352.1 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>14.7%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and &#8220;future beverages&#8221; operation of the
Company in Brazil</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(2) Non-alcoholic beverages</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(3) Beer and soft drink operation in Central America and in
the Caribbean</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Brazilian Operations</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue generated by our Beer and NAB operations
in Brazil increased 17.8% in 2021, reaching R$ 35,586.5 million.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Beer Operation in Brazil</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue from the sales of beer in Brazil in
2021 increased 17.7%, accumulating R$ 30,537.2 million, explained by an increase of 9.8% in the revenue per hectoliter, which reached
R$ 336.2/hl, combined with an expansion of the sales volume of 7.1% in the period. The increase of the net revenue per hectoliter was
a result of our revenue management strategy, a positive brand mix and a smarter promotional activity.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Non-alcoholic beverage operation in Brazil (&#8220;NAB&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue generated by the NAB operation in 2021
increased 19.0%, reaching R$ 5,049.4 million. The volumes increased 8.3% in 2021, despite the negative impacts generated by the COVID-19
pandemic. The net revenue per hectoliter of NAB segment in Brazil increased 9.9% in 2021, reaching R$ 176.0/hl in the year, mainly due
to the change of mix between single-serve driven by a change in channels caused by the raising of restrictions on people circulation imposed
by the local governments in response to the COVID-19 pandemic in 2020.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operation in Central America and in the Caribbean</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The operations in CAC presented an increase of the
net revenue in 2021 of 35.9%, amounting R$ 9,947.4 million as a function of a volume increase of 17.0%, coupled with an increase in the
net revenue per hectoliter of 16.1%, explained both by the positive effect of the foreign-exchange variation in the conversion to <I>Reais</I>
and by an organic increase of the net revenue per hectoliter of 12.0% per year.</P>


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<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><I>Operations in Latin America South</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The operations in Latin America South contributed with
R$ 16,571.7 million to the consolidated net revenue in 2021, representing an increase of 43.3% mainly as a function of the positive effect
of the foreign-exchange variation in the conversion to <I>Reais</I>, together with an increase of 13.5% of the sales volume in the region
in the year, despite the negative impacts generated by the COVID-19 pandemic. The organic variation of the revenue was of 51.2% as a function
of an organic variation in the net revenue per hectoliter of 33.2%, boosted by high inflation in Argentina and our revenue management
strategy.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operations in Canada</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The operations in Canada contributed with R$ 10,748.7
million to our consolidated net revenue in 2021, an increase of 15.5% in relation to the previous year. Such result is mainly due to the
positive effect of the foreign-exchange variation in the conversion to <I>Reais</I>. In organic terms, the increase of 3.3% of our net
revenue per hectoliter was partially offset by a volume decrease of 0.8%, driven mainly by the restrictions on people circulation imposed
by the local governments in response to the COVID-19 pandemic.</P>


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<P STYLE="font: 8pt/115% Times New Roman,serif; margin: 0 0 10pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Net Revenue &#8211; Comparison between figures
as of December 31, 2020 and 2019</U></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Net revenue increased 12.3% in the year ended on December
31, 2020, reaching R$ 58,379.0 million compared to R$ 52,005.1 million in 2019.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Net Revenue</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Year ended on December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>% Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><I>In million Reais, except for percentages</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>30,196.5 </B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>51.7%</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>28,129.9 </B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>54.1%</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>7.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Beer Brazil(1)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">25,953.0 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">44.5%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">23,765.5 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">45.7%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">9.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">NAB(2)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,243.5 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.3%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,364.4 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8.4%</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-2.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">CAC(3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>7,319.3 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12.5%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>6,757.9 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>13.0%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>8.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Latin America South</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>11,560.8 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>19.8%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>10,028.7 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>19.3%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>15.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>9,302.4 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>15.9%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>7,088.6 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>13.6%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>31.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>58,379.0 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>52,005.1 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>12.3%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and &#8220;future beverages&#8221; operation of the
Company in Brazil.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(2) Non-alcoholic beverages.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(3) Beer and soft drink operation in Central America and in
the Caribbean.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><I>(i) The balances of 2019 were reclassified, between Net
revenue and Other operating income/(expenses), for comparative purposes, according to the change in accounting policy indicated in item
10.4 of this <U>Exhibit A.I</U>.</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5">
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><B>Sales Volume</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Year ended on December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>% Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><I>In thousands of hectoliters, except for percentages</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>111,285.4 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>67.1%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>106,806.7 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>65.4%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>4.0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 1%; font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24%; padding-left: 9pt; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Beer Brazil(1)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">84,791.7 </FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">51.1%</FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">80,263.7 </FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">49.2%</FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">NAB(2)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">26,493.7 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">16.0%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">26,542.9 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">16.3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">0.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">CAC(3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>11,451.2 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>6.9%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>13,859.5 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>8.5%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>-21.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Latin America South</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>33,062.4 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>19.9%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>32,991.1 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>20.2%</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>0.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>9,998.9 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>6.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>9,585.7 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>5.9%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>4.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>165,797.9 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>163,243.0 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>1.5%</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and &#8220;future beverages&#8221; operation of the
Company in Brazil.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(2) Non-alcoholic beverages.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(3) Beer and soft drink operation in Central America and in
the Caribbean.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0 0 0 65.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Net Revenue per Hectoliter</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Year ended on December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; text-align: justify; font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>% Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(<I>In Reais, except for percentages</I>)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>271.3 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>263.4 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>3.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Beer Brazil(1)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">306.1 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">296.1 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">NAB(2)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">160.2 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">164.4 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-2.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">CAC(3)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">639.2 </FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>487.6 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>31.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Latin America South</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>349.7 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>304.0 </B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>15.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>930.3 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>739.5 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>25.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>352.1 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>318.6 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>10.5%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(1) Beer and &#8220;future beverages&#8221; operation of the
Company in Brazil.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(2) Non-alcoholic beverages.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(3) Beer and soft drink operation in Central America and in
the Caribbean.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><I>(i) The balances of 2019 were reclassified, between Net
revenue and Other operating income/(expenses), for comparative purposes, according to the change in accounting policy indicated in item
10.4 of this <U>Exhibit A.I</U>.</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Brazilian Operations</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue generated by our Beer and NAB operations
in Brazil increased 7.3% in 2020, reaching R$&nbsp;30,196.5 million.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Beer Operation in Brazil</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue from the sales of beer in Brazil in
2020 increased 9.2%, accumulating R$ 25,953.0 million, explained by an increase of 3.4% in the revenue per hectoliter, which reached R$
306.1/hl, combined with an expansion of the sales volume of 5.6% in the period. The increase of the net revenue per hectoliter was a result
of our revenue management strategy, a positive mix of brands and an intelligent management of our promotional activity.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Non-alcoholic beverage operation in Brazil (&#8220;NAB&#8221;)</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue generated by the NAB operation in 2020
decreased 2.8%, reaching R$ 4,243.5 million. The volumes decreased 0.2% in 2020 despite the negative impacts generated by the COVID-19
pandemic. The net revenue per hectoliter of NAB segment in Brazil decreased 2.6% in 2020, reaching R$ 160.2/hl in the year, mainly due
to the change of mix between single-serve driven by a change in channels caused by the restrictions on people circulation imposed by the
local governments in response to the COVID-19 pandemic.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operation in Central America and in the Caribbean</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The operations in CAC presented an increase of the
net revenue in 2020 of 8.3%, amounting R$ 7,319.3 million as a function of a volume decrease of 17.4%, partially offset by an increase
in the net revenue per hectoliter of 31.1%, explained both by the positive effect of the foreign-exchange variation in the conversion
to <I>Reais</I> and by an organic increase of the net revenue per hectoliter of 8.8% per year.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><I>Operations in Latin America South</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The operations in Latin America South contributed with
R$ 11,560.8 million to the consolidated net revenue in 2020, representing an increase of 15.3%, mainly as a function of the positive effect
of the foreign-exchange variation in the conversion to <I>Reais</I>, together with an increase of 0.2% of the sales volume in the region
in the year, despite the negative impacts generated by the COVID-19 pandemic. The organic increase of the revenue was of 10.4% as a function
of an organic increase in the net revenue per hectoliter of 10.1%, boosted by high inflation in Argentina and our revenue management strategy.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operations in Canada</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The operations in Canada contributed with R$ 9,302.4
million to our consolidated net revenue in 2020, an increase of 31.2% in relation to the previous year. Such result is mainly due to the
positive effect of the foreign-exchange variation in the conversion to <I>Real</I>. In organic terms, the decrease of 2.1% of our net
revenue per hectoliter was more than offset by the volume increase of 2.3%, mainly driven by market share gains.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>c) impact of inflation, price variations of main
inputs and products, foreign exchange and interest rates on the Company&#8217;s operating and financial income, where relevant.</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2021</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2021, our costs of goods sold in Brazil were negatively
impacted by the package mix driven by a change in channels caused by restrictions on people circulation imposed by the local governments
in response to the COVID-19 pandemic, in addition to the negative impact generated by the depreciation of the main currencies against
the US dollar and the increase in commodity prices.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2020</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2020, our costs of goods sold in Brazil were negatively
impacted by the package mix driven by a change in channels caused by restrictions on people circulation imposed by the local governments
in response to the COVID-19 pandemic, in addition to the negative impact generated by the hedge rate of the <I>Real</I> against the US
Dollar, since it was higher than the average hedged rate of the previous year, throughout the full year. The improvement in the prices
of some commodities, especially aluminum and sugar, which were hedged in US Dollars at values lower than those of the previous year, during
most of the year, was not sufficient to offset the negative impact of the change in package mix on the cost of products sold. In our international
operations, in general, the conversion to <I>Real</I> resulted in a positive impact, due to the depreciation of <I>Real</I> against the
local currencies in each operation. In Latin America South, we continue to feel the effects of the inflationary pressures, mainly in Argentina,
on the local labor and logistic costs.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2019</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2019, our costs of products sold in Brazil were
negatively impacted by the hedge rate of the <I>Real</I> against the US Dollar, since it was higher than the average hedged rate of the
previous year, throughout the year. In addition, the prices of some commodities, especially barley and aluminum, were hedged in US Dollars
at values higher than those of the previous year, during most of the year and had a negative effect in our cost of products sold. The
price of the commodity sugar was hedged at lower values in relation to the previous year throughout the year, positively impacting the
costs of products sold of our NAB operation. In our international operations, in general, the cost conversion into <I>Real</I> resulted
in a negative impact, due to the depreciation of the <I>Real</I> against the local currencies in each operation, except for Latin America
South, due to the appreciation of the <I>Real</I> against the Argentinean Peso. Also, in Latin America South, the inflationary pressures
intensified, mainly in Argentina, on the local labor and logistic costs.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2021 vs 2020</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The financial result for the year was an expense of
R$3,205.4 million, compared to an expense of R$2,434.4 million in 2020. This result in 2021 is mainly explained by (i) gain with interest
on cash and tax credits adjustment for inflation; (ii) expenses with derivative instruments, driven by the carry cost of currency hedges
linked to our COGS and capex exposure; (iii) gains from equity swap operations; and (iv) losses on non-derivative instruments related
to non-cash expenses, due to exchange rate variation. The finance result includes the non-recurring impact of the recognition of tax credits
from litigations in Brazil related to the unconstitutionality of the inclusion of ICMS state tax in the PIS and COFINS calculation base.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>2020 vs. 2019</U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Our net financial result increased 21.7% in 2020, from
an expense of R$ 3,109.6 million in 2019 to R$ 2,434.4 million. The expense decrease was driven by (i) higher interest income, impacted
by our cash balance, mainly in <I>Reais, </I>and the gain of R$ 1.753 million related to extemporaneous tax credits; and (ii) a positive
impact resulting from the application of the Accounting and Disclosure Rule in Highly Inflationary Economy (IAS 29/CPC 42), since the
effect of the adjustment for cumulative inflation, from January 1, 2019, of non-monetary assets on the balance sheet of our operations
in Argentine was reported in a dedicated account in the finance results. Such effects above were partially offset by (i) higher losses
on derivative instruments, mainly explained by the carry cost of our currency hedges, primarily linked to the exposure of our cost of
goods sold in Argentina, (ii) losses related to the balance sheet exposure (intercompany and accounts payable), mainly linked to the depreciation
of Argentine <I>peso</I> and Brazilian <I>reais</I>, and (c) taxes on financial transactions. The finance result includes the non-recurring
impact of the recognition of tax credits from litigations in Brazil related to the unconstitutionality of the inclusion of ICMS state
tax in the PIS and COFINS calculation base.</P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>10.3 - Events with effective or expected material
effects on the Accounting Statements and Income</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>a) introduction or divestment of operating segment</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">We had no disposals of operating segments in 2019,
2020 and 2021.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>b) organization, acquisition or disposal of equity interest</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><I>G&amp;W Distilling Inc.</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">On January 22, 2020, Labatt Brewing Company Limited,
Canada Company&#8217;s subsidiary, acquired G&amp;W Distilling Inc. (or Goodridge &amp; Williams Distilling), a company that produces
a ready-to-drink alcoholic beverages portfolio including N&Uuml;TRL sugar-free and low calories products.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white"><I>Renegotiation of the shareholders&#8217;
agreement of Tenedora CND</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">The Company and E. Le&oacute;n
Jimenes, S.A. (&#8220;ELJ&#8221;), as shareholders of Tenedora CND, S.A. (&#8220;Tenedora&#8221;) - Dominican Republic-based holding,
owner of almost the totality of Cervecer&iacute;a Nacional Dominicana, S.A. - amended for the second time, on July 2, 2020, the Tenedora&#8217;s
Shareholders Agreement (the &#8220;Shareholders Agreement&#8221;) to extend its partnership in the country, and, therefore, postponing
the terms of the put and call options provided therein. ELJ currently owns 15% of Tenedora&#8217;s shares and its put option is now divided
in two tranches: (i) Tranche A, corresponding to 12.11% of the shares, exercisable in 2022, 2023 and 2024; and (ii) Tranche B, corresponding
to 2.89% of the shares, exercisable as from 2026. The Company, in turn, has a call option of Tranche A shares, exercisable as from 2021,
and of Tranche B shares, exercisable as from 2029. Up to December 31, 2021, these options had not been exercised. The details of the premises
used for this option are described in the Note 29 of Company&#8217;s accounting statements (item IV (d)).</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>c) unusual events or transactions</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white"><I>COVID-19 Impacts</I></P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">The outbreak of the new coronavirus (SARS-CoV-2), or
COVID-19, on a global scale, has increased the volatility of the national and international markets and has been affecting the economies
of the countries in which we operate, and, consequently, the results of our operations. The response to the COVID-19 pandemic rapidly
developed across the world, in a fluid and uncertain manner: in addition to voluntary and, in some cases, mandatory quarantines, stoppages
and restrictions on travel and commercial and social activities, among others, were also determined, as well as the prohibition on the
distribution, sale and consumption of alcoholic beverages in some countries in which we operate, directly affecting our ability to sell
and supply products, and the final consumer demand for our products.</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">The impact of the pandemic on our operations and the
restrictions imposed in response by national governments, especially since March 2020, have generated significant changes in market dynamics
both in the off-trade sales channel, composed of supermarkets and the like, and in the on-trade channel, which is composed of bars and
restaurants. In countries with higher levels of income, more mature beer market and a greater weighting towards the off-trade sales channel,
such as Canada, the negative impact on the sales volume has been smaller. On the other hand, in countries with lower income levels and
less mature beer markets, the volume trend varies according to the market segmentation between the on-trade and off-trade channels, so
that we observe a greater reduction in volume the greater the weighting of the on-trade channel. In all the cases, the more severe the
restrictions on the sale and consumption of our products, the greater the reduction in volume, which is why Bolivia and Panama were among
the worst-affected countries. On the other hand, we observed an increase in sales related to e-commerce in all countries we operate, although
this channel represents a small portion of Company&#8217;s total volume.</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">Throughout 2021, the Company was better prepared to deal
with persistent challenges related to COVID-19 compared to the previous year. The consistency in the implementation of Company&#8217;s
strategy, in a context of incipient reduction in restrictions in some regions , led to a gradual improvement in the volume trend in the
greater part of our operations, especially in Brazil, generating the achievement of high volumes and strong growth in net revenue on a
challenging comparable basis in 2020, and even 2019, when the pandemic did not exist. Nevertheless, there is still uncertainty as to its
duration, the possibility of any government intervention or the imposition of other measures, as well as regarding the economic effects
on the financial market, exchange rates, among others. Any impacts may result in a material adverse effect on our business, liquidity,
financial situation and results of operations. However, we are managing our liquidity and capital resources with discipline. Accordingly,
management concludes that there is no doubt about Company&#8217;s capacity to continue with its operations.</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">As required by IAS 1 / CPC 26 - Submission of Financial
Statements, Company&#8217;s Management updated the analyses on the impact of the COVID-19 pandemic, considering the base date of December
31, 2021, which mainly involved (i) the review of the assumptions of the annual impairment test, as described in Note 14 - Goodwill, (ii)
analysis of possible credit losses and inventory obsolescence, (iii) analysis of the recoverability of deferred taxes, (iv) assessment
of the relevant estimates used to prepare the consolidated and separate financial statements, among other analyses.</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Any impacts derived from these analyses are reflected
in the consolidated and separate financial statements and disclosed in the relevant notes. Additionally, due to the protection actions
of its employees and the donations made, the Company incurred non-recurring expenses that amounted, on December 31, 2021, R$ 134,276 as
shown in Note 24 - Non-recurring items.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white"><I>Equity Swap Agreements</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white">On May 13, 2020 and on December
9, 2020, the Board of Directors of Ambev approved the execution of equity swap agreements, without impact on the liquidation, within the
regulatory term, of the equity swap agreements that were still in force on the date of each resolution. The liquidation of these equity
swap agreements should occur within a maximum term of 18 months counted from the date of their approval, and such agreements could result
in the exposition of up to 65 million of shares of common stock (of which a portion or the totality could be by means of ADRs), with limit
value of up to R$ 1.0 billion, for agreements approved on May 13, 2020, and 80 million of shares of common stock (of which a portion or
the totality could be by means of ADRs), with limit value of up to R$ 1.2 billion, for agreements approved on December 9, 2020. Such agreements
were liquidated throughout 2021, and there is no balance or pending matter arising from equity swap as of December 31, 2021.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>d)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Tax Credits</FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our 2021 results were positively impacted by R$ 1.7 billion
in non-recurring tax credits related to the 2017 Brazilian Supreme Court decision favorable to taxpayers, which declared the inclusion
of ICMS in PIS and COFINS calculation base unconstitutional and whose effects were confirmed in 2021. Additionally, there was a positive
impact of R$ 1 billion in 2021 related to the reversal of deferred/recognition of undue payments of IRPJ and CSLL calculated on the SELIC
interest that formed part of the tax credits recognized in the past due to the aforementioned judgment of STF, by operation, in this case,
of the decision rendered in September 2021, also by the Brazilian Supreme Court, in <I>Recurso Extraordin&aacute;rio</I> (Extraordinary
Appeal) No. 1.063.187/SC (<I>Tema</I> 962), declaring unconstitutional the levy of IRPJ and CSLL on default interest and adjustment for
inflation related to the SELIC rate received due to the repetition of tax undue payments.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In 2020, the results were also positively impacted due to
the tax credit in the amount of R$ 4.3 billion (before tax effects), of which R$ 2.5 billion in Other Operating Income and R$ 1.8 billion
in Financial Income, resulting from a lawsuit with a final and unappealable decision that recognized the right of the Company (and its
subsidiaries) to recover the amounts of PIS and COFINS overpaid while the REFRI period was in effect. This matter was recognized by the
Brazilian Supreme Court, which decided, in the judgment of RE 574.706/PR, in March 2017, with recognized general repercussion, for the
unconstitutionality of the inclusion of ICMS in PIS and COFINS calculation base.</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Said amount could be estimated with reasonable certainty after
carrying out a set of analyzes (with the assistance of external advisors), which allowed: (i) to measure the total ICMS contained in retail
sales prices that were surveyed by the Federal Government at the time and that impacted the reference prices used as a PIS and COFINS
calculation base; and (ii) to calculate the exclusion of this total ICMS from PIS and COFINS calculation bases in the operations carried
out by the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman,serif; margin: 0 0 8pt; text-align: justify">Given that the amounts of tax credits are significantly
higher than those we recognized of the same nature in previous periods, and to ensure greater transparency of our business performance,
we decided that the following was appropriate: (i) change the accounting policy for accounting tax credits and extemporaneous payments
under Other Operating Income/(Expenses), no longer following the account of origin; and (ii) disregard amounts of this nature for purposes
of calculating our organic performance of normalized EBITDA. It is important to emphasize that such adjustments do not change the result
for the year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white"><I>Share buy-back program</I></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">At a meeting held on March 18, 2021, the Board of Directors
approved, pursuant to art. 30, &sect;1, &#8220;b&#8221;, of Law No. 6,404/76 and CVM Instruction No. 567/15, a share buy-back program
issued by the Company itself (&#8220;Program&#8221;) up to the limit of 5,700,000 common shares, with the main purpose of meeting the
delivery of shares within the scope of Company&#8217;s share-based compensation plans, which may also be held in treasury, canceled and/or
sold later. The Program shall end by September 18, 2022, as detailed together with other information about it in the Notice on Trading
of Own Shares, prepared pursuant to Exhibit 30-XXXVI of CVM Instruction No. 480/09 and published on March 18, 2021. The Company has 4,357,308,131
outstanding shares, as defined in CVM Instruction No. 567/15. The acquisition carried out in 2021, within the scope of this Program, was
carried out by debiting the capital reserve account recorded in the balance sheet drawn up on December 31, 2020. The transaction was carried
out, in 2021, through the following financial institutions: <I>UBS Brasil Corretora de C&acirc;mbio, T&iacute;tulos e Valores Mobili&aacute;rios
S.A.</I> and <I>Ita&uacute; Corretora de Valores S.A.</I></P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>10.4 &#8211; Significant changes in accounting practices
&#8211; Qualifications and emphasis in the auditors&#8217; report</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>a) Significant changes in accounting practices</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>a.I) Regarding the financial statements for the year ended
on December 31, 2021: Consolidated and separate accounting statements</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There were no changes in estimates and accounting policies
that have a material impact on the Financial Statements when compared to the policies and estimates applied in 2020.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>a.II) Regarding the accounting statements for the year
ended on December 31, 2020: Consolidated and separate accounting statements</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Recognition of assets and liabilities related to extemporaneous
tax credits and debts:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The accounting policy for the recognition of credits and extemporaneous
payment of taxes considered the account origin of the credit or debit up to September 30, 2020. For example, cost of products sold was
the account of origin to recognize the recovery of extemporaneous credits related to the acquisition of raw materials. In the same way,
depreciation expenses were the account of origin of extemporaneous credits related to acquisitions of property, plant and equipment. Following
this accounting policy, which has been applied consistently, the credits referring to the exclusion of ICMS from the PIS/COFINS calculation
base were being recognized as a reduction in sales tax expenses, with a positive effect on net revenue up to September 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As mentioned in Company&#8217;s accounting statements referring
to the third quarter of 2020, in note 31 of contingencies, in the section &#8220;Active Contingencies&#8221;, the Company (i) obtained
final favorable decisions on: (a) lawsuits involving merged companies claiming refunds of the PIS and COFINS portion calculated with the
inclusion of the ICMS and/or ICMS-ST relating to the period from 1990 onward, and (b) lawsuits involving the Company and its controlled
and merged companies, specifically for the period in which the</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Special Beverage Regime &#8211; &#8220;REFRI&#8221; was in place
(2009 to 2015); and (ii) is awaiting decisions in lawsuits related to the current beverage taxation model (&#8220;New Tax Model&#8221;)
from 2015 onwards. The amounts involved in these lawsuits, referred to in items (i.b) and (ii), are significantly higher than those previously
recognized, both for credits of the same type, as for recoveries or tax payments of different types.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Given that the maintenance of the accounting policy
for the recognition of credits arising from the <I>res judicata </I>of the lawsuits mentioned above could bring a distorted analysis of
the performance of the year due to the significant increase in the values of credits, the Company changed its accounting policy to account
for credits and extemporaneous payments of taxes, of any nature, under the item &#8220;Other operating income/(expenses)&#8221;, no longer
following the account of origin, except for amnesty payments, whose accounting is maintained in non-recurring results, given its one-time
nature. We emphasize that the change in accounting policy does not change the net income, equity tables previously presented, nor the
amounts recorded in Company&#8217;s financial results item.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>a.III) Regarding the accounting statements for the
year ended on December 31, 2019: Consolidated and separate financial statements.</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Impacts of adoption to IFRS 16/CPC 06 (R2) Leases (in
force as from January 1<SUP>st</SUP>, 2019) replaces the existing lease accounting requirements and represents a significant alteration
in the accounting and disclosure of leases that were previously classified as operational, which impact us in items of Rights of Use Assets
and Liabilities, Depreciation and Interest Expenses.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Having adopted the standard effective from January
1, 2019, the Company has adopted retrospective presentation for the consolidated financial statements. The impact on the accounting statements
is demonstrated below:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">- Recognition of right-of-use assets and lease liabilities
in the balance sheet, initially measured at the present value of future lease payments;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">- Recognition of depreciation expenses related to right-of-use
assets in the income statement;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">- Recognition of interest expenses in the financial
result on the lease liabilities in the income statement; and</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">- Segregation of the payment of the leases, into a
principal portion presented within the financing activities and an interest component presented in operating activities within cash flow.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The new lease definitions have been applied to all
identified contracts in effect on the date of adoption of the standard. IFRS 16/CPC 06 (R2) specifies that the contract contains a lease
if it grants the lessee the right to control the use of the identified asset for a period of time by exchange of counter payments.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company carried out an inventory of the contracts,
evaluating the lease terms in order to conclude whether they include a lease in accordance with IFRS 16/CPC 06 (R2). This analysis identified
a significant number of contracts mainly related to the leasing of real estate from third parties, trucks, cars, forklifts and servers.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Short-term (12 months or less) and low value (USD 5,000
or less) leases were not subject to this analysis, as permitted bunder the standard. For these contracts, the Company will continue to
recognize lease expenses on a straight-line basis, if applicable.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">When measuring lease liabilities, the Company discounted
lease payments using incremental borrowing rates. The weighted average rate applied is of 12.6% until December 31, 2018.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company has adopted the full retrospective adoption
of IFRS 16/CPC 06 (R2) and, consequently, for each period of the previous report presented, it applied CPC 23 - Accounting Policies, Change
in Estimates and Correction of Errors.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Uncertainty about Treatment of Taxes on Profit - ICPC
22/IFRIC 23 - The Company reviewed the treatments given to taxes levied on profit, in order to determine the impact on the parent company's
and consolidated financial statements, as determined by IFRIC 23/ICPC 22 - Uncertainty about Treatment of Taxes on Profit.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company reallocated the balances previously classified
in the item Provisions to the item Income tax and social contribution (IR/CSLL) payable on December 31, 2019. The amounts reclassified
in 2019 were R$ 109,554 in the parent company and R$ 251,646 in the consolidation, according to Note 16. This reclassification was carried
out in line with the clarification of the IFRS Interpretation Committee, which clarifies that uncertain positions on taxes on profit are
part of the measurement of taxes on current or deferred income.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>b) Significant effects of changes in accounting
practices</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>b.I) Regarding the financial statements for the
year ended on December 31, 2021: </I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">There were no changes in estimates and accounting policies
that have a material impact on the Financial Statements when compared to the policies and estimates applied in 2020.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>b.II) Regarding the accounting statements for the
year ended on December 31, 2020:</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As determined by CPC 23/IAS 8, the policy change is
applied as of October 1, 2020 and, for comparative purposes, the relevant balances of credits and extemporaneous payments for 2019 have
been reclassified from the account of origin to &#8220;Other operating income/(expenses)&#8221;, as shown below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 53%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Parent Company</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2019</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Originally</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Adjustment<SUP>(i)</SUP></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Stated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">26,585,322</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(522,519)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">26,062,803</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cost of products sold</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(14,028,587)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(14,028,587)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,556,735</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(522,519)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,034,216</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(769,263)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(769,263)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">749,886</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">522,519</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,272,405</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Operational earnings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,537,358</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,537,358</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,742,243)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,742,243)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Financial revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">919,527</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">919,527</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Net financial result</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,822,716)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(1,822,716)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Earnings before income tax and social contribution</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10,714,642</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10,714,642</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income tax and social contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,065,323</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,065,323</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Net profits of the period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11,779,965</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11,779,965</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Earnings per common share (basic) &#8211; R$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.7490</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.7490</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Earnings per common share (diluted) &#8211; R$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.7423</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.7423</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">(i) The amounts recognized at the parent company during 2019
were of R$ 212,485 in the 3<SUP>rd</SUP> quarter and of R$ 310,034 in the 4<SUP>th </SUP>quarter of 2019.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 53%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2019</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Statement of income</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Originally</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Adjustment<SUP>(i)</SUP></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Stated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">52,599,709</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(594,589)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">52,005,120</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cost of products sold</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(21,678,159)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(21,678,159)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>30,921,550</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(594,589)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>30,326,961</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(15,724,739)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(15,724,739)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">878,071</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">594,589</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,472,660</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Operational earnings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>16,074,882</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>16,074,882</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,748,433)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,748,433)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Financial revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,638,866</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,638,866</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Net financial result</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(3,109,567)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(3,109,567)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Profit sharing of joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(22,310)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(22,310)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Earnings before income tax and social contribution</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,943,005</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,943,005</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income tax and social contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(754,673)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(754,673)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Net profits of the period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,188,332</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,188,332</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Attributed to:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,779,965</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,779,965</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">408,367</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">408,367</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Earnings per common share (basic) &#8211; R$</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.7490</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.7490</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Earnings per common share (diluted) &#8211; R$</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.7423</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.7423</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(i) The amounts recognized at the consolidated during
2019 were of R$ 212,485 in the 3<SUP>rd</SUP> quarter and of R$ 382,104 in the 4<SUP>th </SUP>quarter of 2019.</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>b.III) Regarding the accounting statements for the
year ended on December 31, 2019:</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company chose for the full retrospective adoption
of IFRS 16/CPC 06 (R2) and, consequently, for each period of the previous report presented, it applied CPC 23 - Accounting Policies, Change
in Estimates and Correction of Errors.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><B>The following tables summarize the impacts on the adoption of the
rule on the balance sheet, in the statement of income, in the comprehensive statement of income, in the statement of cash flows and in
the statement of value added:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>12/31/2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>01/01/2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>12/31/2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>01/01/2018</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 22%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Balance Sheet</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Originally Stated</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>IFRS 16</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Originally Stated</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>IFRS 16</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Originally Stated</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>IFRS 16</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Originally Stated</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>IFRS 16</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Current Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>10,646,666</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>10,646,666</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>11,157,284</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>11,157,284</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>25,329,605</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>25,329,605</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>24,362,690</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>24,362,690</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Deferred income tax and social contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">768,689</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">19,786</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">788,475</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">470,621</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">6,381</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">477,002</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,017,475</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">47,267</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,064,742</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,279,339</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">31,567</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,310,906</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Investments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">60,773,044</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(54,206)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">60,718,838</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">64,353,205</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(50,724)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">64,302,481</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">257,135</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">257,135</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">237,961</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">237,961</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">10,514,553</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">982,700</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">11,497,253</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">10,806,139</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">380,943</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">11,187,082</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">20,096,996</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,541,012</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">21,638,008</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">18,822,327</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,882,818</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">20,705,145</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">6,117,778</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">6,117,778</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">4,426,105</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">4,426,105</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">46,424,927</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">46,424,927</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">40,794,289</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">40,794,289</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Non-Current Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>78,174,064</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>948,280</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>79,122,344</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>80,056,070</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>336,600</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>80,392,670</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>68,796,533</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,588,279</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>70,384,812</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>62,133,916</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,914,385</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>64,048,301</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>88,820,730</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>948,280</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>89,769,010</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>91,213,354</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>336,600</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>91,549,954</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>94,126,138</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,588,279</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>95,714,417</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>86,496,606</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,914,385</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>88,410,991</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Liabilities and shareholders&#8217; equity</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Loans and financing</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">233,962</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">154,577</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">388,539</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">351,119</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">161,831</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">512,950</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,560,630</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">380,591</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,941,221</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,321,122</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">378,236</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,699,358</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">12,062,644</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">12,062,644</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">19,488,228</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">19,488,228</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">23,267,740</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">23,267,740</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">27,367,354</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">27,367,354</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>12,296,606</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>154,577</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>12,451,183</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>19,839,347</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>161,831</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>20,001,178</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>24,828,370</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>380,591</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>25,208,961</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>28,688,476</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>378,236</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>29,066,712</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Loans and financing</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">539,571</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">886,319</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,425,890</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">732,662</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">237,881</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">970,543</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">862,138</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,300,304</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,162,442</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,231,928</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,599,261</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,831,189</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">19,643,930</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">19,643,930</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">24,987,914</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">24,987,914</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">10,888,206</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">10,888,206</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">8,948,730</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">8,948,730</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>20,183,501</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>886,319</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>21,069,820</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>25,720,576</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>237,881</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>25,958,457</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>11,750,344</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,300,304</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>13,050,648</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>10,180,658</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,599,261</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>11,779,919</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>32,480,107</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,040,896</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>33,521,003</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>45,559,923</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>399,712</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>45,959,635</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>36,578,714</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,680,895</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>38,259,609</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>38,869,134</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,977,497</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>40,846,631</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Shareholders&#8217; Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">70,215,287</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(92,726)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">70,122,561</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">63,361,144</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(63,009)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">63,298,135</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">70,215,287</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(92,726)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">70,122,561</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">63,361,144</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(63,009)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">63,298,135</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Equity Valuation Adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(71,584,866)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">110</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(71,584,756)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(74,966,470)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(103)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(74,966,573)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(71,584,866)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">110</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(71,584,756)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(74,966,470)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(103)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(74,966,573)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">57,710,202</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">57,710,202</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">57,258,757</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">57,258,757</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">57,710,202</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">57,710,202</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">57,258,757</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">57,258,757</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 22%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Controlling Shareholders&#8217; equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>56,340,623</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(92,616)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>56,248,007</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>45,653,431</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(63,112)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>45,590,319</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>56,340,623</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(92,616)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>56,248,007</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>45,653,431</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(63,112)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>45,590,319</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,206,801</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,206,801</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,974,041</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,974,041</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Total shareholders&#8217; equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>56,340,623</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(92,616)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>56,248,007</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>45,653,431</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(63,112)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>45,590,319</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>57,547,424</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(92,616)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>57,454,808</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>47,627,472</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(63,112)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>47,564,360</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Total liabilities and shareholders&#8217; equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>88,820,730</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>948,280</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>89,769,010</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>91,213,354</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>336,600</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>91,549,954</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>94,126,138</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,588,279</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>95,714,417</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>86,496,606</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,914,385</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>88,410,991</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 75 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 53%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Parent Company</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2018</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Statement of income</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Originally</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>IFRS16</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Stated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">23,214,028</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">23,214,028</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cost of products sold</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(12,447,880)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,582</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(12,444,298)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10,766,148</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>3,582</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10,769,730</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Logistic expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,266,991)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">58,860</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,208,131)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Commercial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,372,956)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,046</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,361,910)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,326,741)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,642</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,325,099)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">865,727</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">865,727</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Profit sharing of subsidiaries, affiliates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6,795,992</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(3,693)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6,792,299</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Operational earnings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,461,179</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>71,437</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,532,616</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,403,313)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(114,559)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,517,872)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,158,542</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,158,542</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Net financial result</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(2,244,771)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(114,559)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(2,359,330)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Earnings before income tax and social contribution</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10,216,408</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(43,122)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10,173,286</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income tax and social contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">808,270</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13,405</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">821,675</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Net profits of the period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11,024,678</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(29,717)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10,994,961</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Earnings per common share (basic) &#8211; R$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.7014</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(0.0019)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.6995</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Earnings per common share (diluted) &#8211; R$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.6953</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(0.0019)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.6934</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 53%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2018</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Statement of income</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Originally</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>IFRS16</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Stated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">50,231,336</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">50,231,336</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Cost of products sold</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(19,269,627)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">20,204</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(19,249,423)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>30,961,709</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>20,204</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>30,981,913</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Logistic expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(6,736,474)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">129,260</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(6,607,214)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Commercial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(5,729,523)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,226</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(5,721,297)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,367,221)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,756</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2,363,465)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">860,926</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">860,926</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Operational earnings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>16,989,417</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>161,446</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>17,150,863</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,562,251)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(206,864)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(4,769,115)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">738,815</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">738,815</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Net financial result</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(3,823,436)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(206,864)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(4,030,300)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Profit sharing of joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,040</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,040</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Earnings before income tax and social contribution</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13,167,021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(45,418)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13,121,603</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Income tax and social contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,789,594)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,701</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1,773,893)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Net profits of the period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11,377,427</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>(29,717)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11,347,710</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Attributed to:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,024,678</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(29,717)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10,994,961</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">352,749</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">352,749</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Earnings per common share (basic) &#8211; R$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.7014</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(0.0019)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.6995</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Earnings per common share (diluted) &#8211; R$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.6953</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(0.0019)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.6934</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>2018</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Comprehensive statement of income</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Originally Stated</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>IFRS 16</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Originally Stated</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>IFRS 16</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Net profits of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>11,024,678</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(29,717)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>10,994,961</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>11,377,427</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(29,717)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>11,347,710</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Total profits and (losses) on conversion of operations abroad</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,643,491</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>213</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,643,704</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,766,433</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>213</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,766,646</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Other items, not adjusted</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>520,670</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>520,670</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>519,344</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>519,344</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Comprehensive result of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>13,188,839</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(29,504)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>13,159,335</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>13,663,204</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(29,504)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>13,633,700</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Attributed to:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">13,188,839</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(29,504)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">13,159,335</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">13,188,839</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(29,504)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">13,159,335</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">474,365</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">474,365</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 48%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>2018</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Statement of cash flow</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Originally Stated</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>IFRS 16</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Originally Stated</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>IFRS 16</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Net profits of the period</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">11,024,678</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(29,717)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">10,994,961</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">11,377,427</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(29,717)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">11,347,710</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Depreciation, amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,164,869</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">201,259</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,366,128</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">4,023,054</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">425,375</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">4,448,429</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Net financial result</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,244,771</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">114,559</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,359,330</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">3,823,436</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">206,864</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">4,030,300</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Income tax and social contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(808,270)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(13,405)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(821,675)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,789,594</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(15,701)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,773,893</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Profit sharing of subsidiaries, affiliates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(6,795,992)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">3,693</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(6,792,299)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(1,040)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(1,040)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">267,364</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">267,364</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(831,288)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(831,288)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Cash flow of operating activities before working capital and provisions</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>8,097,420</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>276,389</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>8,373,809</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>20,181,183</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>586,821</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>20,768,004</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Cash generation from operating activities</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>7,341,821</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>276,389</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>7,618,210</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>19,734,610</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>586,821</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>20,321,431</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Paid interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(1,626,470)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(94,636)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(1,721,106)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(621,879)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(151,941)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(773,820)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">8,276,878</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">8,276,878</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(1,201,536)</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(1,201,536)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Cash flow of operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>13,992,229</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>181,753</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>14,173,982</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>17,911,195</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>434,880</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>18,346,075</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Payment of lease liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(181,753)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(181,753)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(13,104)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(434,836)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(447,940)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(21,710,953)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(21,710,953)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(13,208,508)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(13,208,508)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Cash flow of financial activities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(21,710,953)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(181,753)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(21,892,706)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(13,221,612)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(434,836)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(13,656,448)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Other items, not adjusted</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>7,975,565</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>7,975,565</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(3,675,706)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(3,675,706)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Net increase/(decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>256,841</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>256,841</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,013,877</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>44</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,013,921</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Effect of foreign-exchange variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>96,886</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(44)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>96,842</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Parent Company</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>2018</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>2018</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 47%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Statement of value added</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Originally Stated</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>IFRS 16</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Originally Stated</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>IFRS 16</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Restated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Revenue</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>42,735,280</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>42,735,280</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>76,976,596</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>76,976,596</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">42,735,280</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">42,735,280</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">76,976,596</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">76,976,596</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Inputs purchased from third parties</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(17,550,769)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>171,641</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(17,379,128)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(28,417,380)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>319,503</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(28,097,877)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Costs of products, goods and services sold</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(13,945,502)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(13,945,502)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(18,955,201)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">7,988</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(18,947,213)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Materials, energy, third party services and others</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(3,518,914)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">171,641</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(3,347,273)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(9,282,669)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">311,515</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(8,971,154)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(86,353)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(86,353)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(179,510)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(179,510)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Gross value added</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>25,184,511</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>171,641</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>25,356,152</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>48,559,216</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>319,503</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>48,878,719</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Retentions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(2,078,516)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(201,258)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(2,279,774)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(3,843,544)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(425,375)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(4,268,919)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(2,078,516)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(201,258)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(2,279,774)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(3,843,544)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(425,375)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(4,268,919)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Net produced value added </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>23,105,995</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(29,617)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>23,076,378</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>44,715,672</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(105,872)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>44,609,800</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Value added received on transfer</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>8,994,748</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(3,693)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>8,991,055</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>385,228</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>385,228</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Profit sharing of subsidiaries, affiliates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">6,795,992</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(3,693)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">6,792,299</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,040</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">1,040</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,198,756</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">2,198,756</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">384,188</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">384,188</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Total value added to distribute</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>32,100,743</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(33,310)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>32,067,433</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>45,100,900</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(105,872)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>44,995,028</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Distribution of value added</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>32,100,743</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(33,310)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>32,067,433</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>45,100,900</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(105,872)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>44,995,028</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Taxes, fees and contributions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>14,951,904</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(13,405)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>14,938,499</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>24,700,335</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(15,701)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>24,684,634</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Federal</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">3,654,331</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(13,405)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">3,640,926</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">9,621,961</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(15,701)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">9,606,260</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">11,297,573</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">11,297,573</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">15,078,374</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">15,078,374</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Remuneration of third party capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>4,324,668</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>9,812</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>4,334,480</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>4,558,199</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(60,454)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>4,497,745</B></FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Financial expenses, except tax on financial transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">4,216,861</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">114,559</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">4,331,420</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">4,224,625</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">206,864</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">4,431,489</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Rents</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">107,807</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(104,747)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">3,060</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">333,574</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(267,318)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">66,256</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Remuneration of equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>11,024,678</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(29,717)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>10,994,961</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>11,377,427</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>(29,717)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>11,347,710</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Retained profits</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">3,479,070</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(29,717)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">3,449,353</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">3,479,070</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">(29,717)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">3,449,353</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">Other items, not adjusted</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">7,545,608</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">7,545,608</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">7,898,357</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">7,898,357</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>Other items, not adjusted</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,799,493</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>1,799,493</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>4,464,939</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7.5pt"><B>4,464,939</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>c) Qualifications and emphasis contained in the auditor&#8217;s report</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">There were no qualifications or emphasis in the auditor&#8217;s report in
the past three fiscal years.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0"><B>10.5 &#8211; Critical accounting policies</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">We consider an accounting policy to be critical when
it is important to reflect our financial condition and operating income and require complex or significant judgments and estimates on
the part of our management. For a summary of all accounting practices, please see Note 3 to the accounting statements of the Company.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The individual and consolidated accounting statements
were prepared according to Brazilian and international technical pronouncements, which require from management to make judgments and estimates
and to make decisions that affect the application of the accounting practices and the amounts shown in the balance sheet and income statement.
The estimates and the underlying judgments are based on historical experience and on several other factors considered reasonable in the
light of the circumstances, whose results constitute the criterion for taking decisions regarding the book value of assets and liabilities
not readily evident from other sources. Actual results may differ from these estimates.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The estimates and underlying assumptions are reviewed
on an ongoing basis. Changes to accounting estimates can only affect the period in which the estimate is revised or future periods.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Although each critical accounting policy reflects judgments,
assessments or estimates, the Company believes that the accounting practices reflect the most critical judgments, estimates and assumptions
that are important to its businesses and an understanding of its results:</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>(i)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Recognition of assets and liabilities related to extemporaneous
tax credits and debts</FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The accounting policy applied by the Company considers the
recognition of credits and extemporaneous payments of taxes of any nature as determined by IAS 37/CPC 25 - Provisions, Contingent Liabilities
and Contingent Assets.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Provided that, the credits are recognized only when the management
(i) has elements that guarantee that the right is virtually certain; and (ii) that the amount to be offset or refunded is reliably measured.
If the recovery of the asset is probable or the amount cannot be reliably measured, the amounts are not recognized in the accounts, but
are disclosed in note 31 of Contingencies in Contingent Assets. The management understands that, in cases of pending lawsuits, obtaining
a final and unappealable decision for a Company&#8217;s specific lawsuit is the condition required to confirm the existence of its right,
except for specific circumstances relevant to the concrete case that allow not only the recognition of its right, but an objective and
reliable measurement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Debts arising from the same nature are recognized if (i) it
arises from a past event; (ii) has a present obligation; (iii) expected disbursement is probable and (iv) the amounts are reliably estimated.
If the expectation of disbursement is possible or the amount cannot be reliably measured, the amounts are presented in the note of Contingencies.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Both contingent assets and liabilities are periodically assessed
to ensure that developments are accurately reflected and disclosed in the financial statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of October 1, 2020, the accounting policy for the
recognition of assets and liabilities related to the recognition of credits and extemporaneous payments of taxes of any nature is recorded
in item &#8220;Other operating income/(expenses)&#8221;, except for amnesty payments, whose accounting is maintained in non-recurring
results, given its one-time nature.</P>


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<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(ii) Leases</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Until December 31, 2018, leases of assets in which
the risks and benefits of the asset were substantially retained by the lessor were classified as operating leases. Operational lease payments
were recognized in the income statement as payments were incurred until the end of the agreement.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">IFRS 16/CPC 06 (R2) - Leases replaced the existing lease accounting
requirements and was adopted in full retrospectively by the Company, resulting in a significant change in the accounting treatment and
disclosure of leases that were previously classified as operating leases, with more assets and liabilities reported in the balance sheet
and recognition of the lease costs and relevant interpretations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Leases are recognized as a right-of-use asset and a corresponding
liability on the date that the leased asset is available for use by the Company. Each lease payment is allocated between the liability
and the financial expense. The financial expenses are recognized in the income statement during the lease period. Right-of-use assets
are depreciated over the shortest period between the useful life of the asset and the lease term, using the straight-line method.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The assets and liabilities arising from a lease are initially
measured at present value and, when measuring lease liabilities, the Company discounts lease payments using incremental loan rates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Payments associated with short-term leases and all
leases of low-value assets are recognized using the straight-line method as an expense in the income statement. Short-term leases are
leases with a term of 12 months or less. Low-value assets comprise assets with a value equal to or less than 5 thousand dollars.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><FONT STYLE="letter-spacing: -0.05pt"><B>(iii) </B></FONT><B>Business combinations
involving entities under common control</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Business combinations between entities under common
control have not yet been specifically addressed by IFRS or CPC. IFRS 3/CPC 15(R1) - Business combinations is the pronouncement that applies
to business combinations, but explicitly excludes from its scope the business combinations between entities under common control.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>1) Precedent Cost</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As permitted by IAS 8/CPC 23 - Accounting Policies,
Change of Estimate and Error Rectification, Management adopted an accounting practice in line with the Generally Accepted Accounting Principles
in the United States and United Kingdom (USGAAP - Generally Accepted Accounting Principles (United States) and UKGAAP - Generally Accepted
Accounting Principles (United Kingdom)), the <I>predecessor basis of accounting</I> to record the book value of the received asset, such
as recorded by the subsidiary.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The <I>predecessor basis of accounting</I> provides
that when booking a transfer of assets between entities under common control, the entity receiving the net assets or equity interests,
shall initially measure the assets and liabilities transferred, recognized at their book values in the accounts of the transferring entity,
on the transfer date, retrospectively. If the book values of the assets and liabilities transferred by the subsidiary differ from the
historical cost of the subsidiary of the entities under common control, the accounting statements of the receiving entity must reflect
the assets and liabilities transferred to the cost of the subsidiary of the entities under common control in contrast with equity against
the adjustments reserve account of equity valuation.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>2) Exchange of assets</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In relation to the transactions between entities under
common control involving the disposal/transfer from the subsidiary to its controlling shareholder, i.e., above the level of Ambev&#8217;s
consolidated financial statement, the</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Company evaluates the existence of (i) opposition of interests;
and (ii) substance and economic purpose. Having fulfilled these assumptions, seeking to provide adequate visibility and fair impact on
the number of distributable results to its shareholders, notably non-controlling shareholders, the Company has adopted as a policy, in
a similar way, the concepts of IAS 16/CPC 27 - Fixed asset. Said policy contemplates assets acquired through swap for non-monetary asset,
or a combination of monetary and non-monetary assets. The assets subject to swap may be of the same nature or of different natures. The
cost of such asset item is measured at fair value, unless the swap transaction is not of a commercial nature, or the fair value of the
received asset and the assigned asset may not be reliably measured. The acquired asset is measured in this way even if the entity may
not immediately retire the assigned asset. If the acquired asset is not measurable at fair value, its cost is determined by the book value
of the assigned asset.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">When there is a distribution of assets other than in
the form of cash, the asset before its distribution is measured at its fair value against an income account for the year. Although its
application is provided for distributions through which the owners of the same class of equity instruments are benefited and the treatment
of which is equitable, also in a manner similar to the ICPC 07/IFRIC 17, in the absence of a specific accounting practice for transactions
under common control, we consider the provisions of this instruction in the definition of our accounting practice. As well as in other
sales that Ambev makes for its controlling shareholder (products, inputs etc.) where the result of the transaction is recognized in the
income statement as provided in paragraph 56 of ICPC 09 and similar to paragraph 33a of CPC 31 (the only rule that deals with the disposal
of business, without distinguishing between transactions with controlling shareholder and third party).</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(iv) Reduction at the recovery value (impairment)
of non-financial assets</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Management assesses on an annual basis whether
there is objective evidence that the financial asset of the group of financial assets is deteriorated. If there is any indication, the
recovery value of the asset is estimated. An asset or group of financial assets is deteriorated and the losses for impairment are registered
only if there is objective evidence of impairment as a result of one or more events occurred after the initial recognition of the assets
(&#8220;event of loss&#8221;) and that event (or events) of loss exerts an impact on the estimated future cash flows of the financial
asset or group of financial assets, and may be estimated in a reliable manner.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(v) Provisions</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Provisions are recognized when: (i) the Company has
a current (legal or non-formalized) obligation resulting from past events; (ii) there is likely to be a future disbursement to settle
a current obligation; and (iii) the amount can be estimated with reasonable certainty.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The provisions, except for the ones mentioned in the
disputes and litigation topic, are measured by discounting expected future cash flows at a pre-tax rate that reflects current market valuations
of the value of money over time and, when appropriate, the specific risks of the obligation.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>1) Restructuring</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">A provision for restructuring is recognized when the
Company has a detailed and approved restructuring plan and when the restructuring has already started or announced. Expenses related to
the Company's normal activities and future conduct are not provisioned, but they are recognized when an expense has been incurred. The
provision includes the commitments related to the benefits that will be paid by the Company to the employees dismissed in the restructuring.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>2) Disputes and litigation</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The provision for disputes and litigation is recognized
when it is more likely than unlikely that the Company will be required to make future payments as a result of past events. Such payments
include, but are not limited to, various claims, proceedings and actions initiated by both third parties and the Company, relating to
antitrust laws, breach of distribution and licensing agreements, environmental matters, labor disputes, complaints from tax authorities
and other litigious matters.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>(vi) </B></FONT><B>Share-based
payment</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Different compensation programs based on shares and
options allow members of Management and other executives appointed by the Board of Directors to acquire the Company&#8217;s shares. The
fair value of the stock options is measured on the granting date using the most appropriate option pricing model. Based on the expected
number of options to be exercised, the fair value of the options granted is recognized as an expense during the option vesting period
against equity. When the options are exercised, the equity increases by the amount of the proceeds received.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(vii) Employee benefits</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Post-employment benefits</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Post-employment benefits include pensions managed in
Brazil by Instituto Ambev de Previd&ecirc;ncia Privada &#8211; IAPP, post-employment dental benefits and post-employment medical benefits
managed by Funda&ccedil;&atilde;o Zerrenner. Usually, pension plans are funded by payments made by both the Company and its employees,
taking into account the recommendations of independent actuaries. Post-employment dental benefits and post-employment medical benefits
are maintained by the return on Funda&ccedil;&atilde;o Zerrenner&#8217;s plan assets. If necessary, the Company may contribute some of
its earnings to Funda&ccedil;&atilde;o Zerrenner.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt">The Company manages
defined benefit and/or defined contribution and/or dental and health care plans for employees of its companies located in Brazil and its
subsidiaries located in the Dominican Republic, Barbados, Panama, Uruguay, Bolivia, Argentina and Canada.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt">The Company maintains
funded and unfunded plans.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt"><B>vii.1) Defined
contribution plans</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt">A defined contribution
plan is a pension plan under which the Company pays fixed contributions into a fund. Company has no legal or constructive obligations
to pay further contributions if the fund does not hold sufficient assets to pay all employees for the benefits relating to employee service
in the current and prior periods.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">The contributions
from such plans are recognized as an expense in the period in which they are incurred.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt"><B>vii.2) Defined
benefit plans</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Typically, defined benefit plans define an amount of
pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and
compensation.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">For defined benefit plans, expenses are assessed separately
for each plan using the projected unit credit method. The projected unit credit method considers each period of service as an additional
unit of benefit to measure each unit separately. Under this method, the cost of providing pensions is charged to the income statement
during the period of service of the employees. The amounts charged to the income statement consist of current</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">service cost, interest, past service costs and the effect
of any settlements and agreements. The obligations of the plan recognized in the balance sheet are measured at the present value of the
estimated future cash outflows using a discount rate equivalent to the government&acute;s bond rates with maturity terms similar to those
of the obligation, less the fair value of the plan assets.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Past service costs result from the introduction of
new plans or changes to existing ones. They are immediately recognized in the income statement for the year <FONT STYLE="letter-spacing: -0.05pt">on
whichever occurs first between the date of: (i) settlements / agreements, or (ii) when the Company recognizes costs related to restructuring
or termination, unless the changes are conditional on </FONT>the employee remaining in their job for a specific period of time (the period
during which the right is acquired). In such case, costs of past services are amortized using the straight-line method during the vesting
period.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Actuarial gains and losses consist of the effects of
differences between the previous actuarial assumptions and what has actually occurred, and the effects of changes in actuarial assumptions.
Actuarial gains and losses are fully recognized in comprehensive income.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Re-measurements
consisting of actuarial gains and losses, the effect of asset ceiling and the return on the plan&#8217;s assets, both excluding net interest,
are recognized in the statement of comprehensive income, in their totality, during the period in which they occur. Re-measurements are
not reclassified for the income statement in subsequent periods.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">When the amount
calculated for a defined benefit plan is negative (an asset), </FONT>Ambev recognizes such assets (prepaid expenses) to the extent of
the amount of the economic benefit available to Ambev either from refunds or reductions in future contributions.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Other post-employment obligations</B></P>

<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company and some of its subsidiaries provide medical
benefits, reimbursement of certain medication expenses and other benefits to certain previous retirees. These benefits are not granted
to new retirees. The expected costs of these benefits are recognized over the period of employment, using an accounting methodology similar
to that for defined benefit plans, including actuarial gains and losses.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>Termination
benefits</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Termination benefits
are recognized as an expense on the first of the following dates: (i) when Ambev is committed to a detailed formal plan for terminating
the employment relationship prior to the normal retirement date, with no real possibility of withdrawing it; and (ii) when Ambev recognizes
restructuring costs. </FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>Bonus</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double; letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Bonus granted
to employees and managers are based on attaining pre-defined individual and collective targets. The estimated amount of the bonus is recognized
as an expense in the period in which it accrues.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(viii) Current and deferred taxes</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The corporate income tax (IRPJ) and social contribution
(CSLL) for the year represent current and deferred taxes. Income tax and social contribution are recognized to the income statement, unless
they involve items directly recognized in the comprehensive income statement or other equity account. In these cases, the tax effect is
also recognized directly in the comprehensive income statement or equity account (except for interests on capital, as per Note 3 (t)).</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Expenses with current taxes is the expectation of payment
on the taxable income for the year, using the nominal</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">tax rate approved or substantially approved on balance
sheet date, as well as any adjustment to tax payable referring to previous years.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Deferred tax is recognized using the balance sheet
method. This means that in the case of taxable and deductible differences of a temporary nature between the tax and accounting bases of
the assets and liabilities, the deferred asset or liability tax is recognized. Under this method the provision for deferred tax is also
calculated on the differences between the fair value of the assets and liabilities acquired in a business combination and their tax base.
IAS 12 / CPC 32 Income Taxes provides that no deferred tax be recognized when recognizing goodwill; and that no deferred asset and/or
liability tax be recognized (i) upon initial recognition of an asset or liability arising from a transaction other than a business combination
which at the time of the transaction does not affect the book or fiscal income or loss; and (ii) on differences involving equity investments
in subsidiaries, provided these are not reversed in the foreseeable future. The value determined for the deferred tax is based on the
expectation or realization or liquidation of the temporary difference, and uses the nominal rate approved or substantially approved.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Deferred tax assets and liabilities are offset where
a legal enforceable right to offset current tax assets and liabilities exists and provided that they relate to taxes assessed by the same
tax authority on the same taxpayer, or different taxpayers who intend to settle current tax assets and liabilities on a net basis or simultaneously
realize the asset and settle the liability.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Deferred tax assets are recognized only to the extent
any future taxable income is likely to occur. Deferred income tax assets are reduced to the extent no future taxable income is likely
to occur.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Furthermore, the Company applies the provisions of
ICPC 22/IFRIC 23 - Uncertainty about Treatment of Taxes on Profit, in relation to the treatments that affected the calculation of taxes
on profit and were questioned by the tax authorities (uncertain tax treatments), as disclosed in note 31 &#8211; Contingencies &#8211;
Uncertainties about treatment of IRPJ and CSLL.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(ix) Joint arrangements:</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Joint arrangements
are all entities over which the Company shares control with one or more parties. Joint arrangements are classified as joint operations
or joint ventures, depending on the contractual rights and obligations of each investor.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(x) Measurement of financial instruments, including
derivatives</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double; letter-spacing: -0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>Classification
and Measurement</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double; letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">The Company uses
financial instruments to implement its risk management policies and strategy. Derivatives are often used to mitigate the impact of foreign
currencies, interest rates, share prices and commodity prices upon performance of the Company. The financial risk management policy of
the Company prohibits the use of derivatives when not related to the business of the Company.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">A financial asset
(unless it is accounts receivable from clients with no significant financial component) or financial liability is initially measured at
the fair value, added, for an item not measured at the fair value by means of the result, by the costs of transaction directly attributable
to its acquisition or issuance. Accounts receivable from clients with no significant financial component is initially measured at the
operation price.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Upon initial
recognition, a financial asset is classified as measured: at the amortized cost; at the fair value through other comprehensive results
&#8211; debt instrument; at the fair value through other comprehensive results &#8211; equity instrument; or at the fair value through
the result.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double; letter-spacing: -0.05pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">The financial
assets are not reclassified after the initial recognition, unless the Group changes the business model to the financial asset management,
and, in such case, all affected financial assets are reclassified on the first day of the presentation period after the change to the
business model.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">The classifications
of the financial assets of the Company are the following:</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<UL STYLE="margin-top: 0cm; list-style-type: disc">

<LI STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Debt instruments
at the fair value through other comprehensive results, with gains or losses reversed to profit or losses upon derecognition. The financial
assets in such category are the debt instruments of the Company kept within a business model to collect cash flows and sell.</FONT></LI>

</UL>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<UL STYLE="margin-top: 0cm; list-style-type: disc">

<LI STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Equity instruments
designated at the fair value through other comprehensive results, with no new measurement of gains or losses in the result upon derecognition.
Such category includes only the shareholders&#8217; equity instrument, which the Company intends to retain in the foreseeable future and
which the Company irrevocably elected to classify upon initial recognition or transition. Such instruments are not subject to impairment
test.</FONT></LI>

</UL>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<UL STYLE="margin-top: 0cm; list-style-type: disc">

<LI STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">The financial
assets at the fair value through the result comprehend derivative instruments and equity instruments that the company had not classified,
upon initial recognition or transition, to classify at the fair value through other comprehensive results. Such category also includes
the debt instruments of which the cash flow characteristics are not kept within a business model whose purpose is collecting contractual
cash flows or collecting contractual cash flows and sell.</FONT></LI>

</UL>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0 0 0 18pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0 0 0 18pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">The
measurements of the financial assets of the Company are the following:</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Hedge Accounting</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Derivatives financial instruments are intended to hedge
the Company against risks relating to foreign currencies, interest rates and commodity prices. Derivative financial instruments which,
in spite of being contracted for hedging purposes, do not meet all hedging account criteria, are recognized at fair value through income
for the year.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double; letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Derivative financial instruments are initially recognized
at fair value, which is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties
in an arm&#8217;s length transaction. The fair value of derivative financial instruments can be calculated based on market quotations;
pricing models that consider current market quotations; or the credit quality of the counterparty.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">After their initial
recognition, derivative financial instruments are again measured at fair value on the date of the financial statements. Changes in the
fair value of derivative financial instruments are recorded in the income for the year, except when these instruments are intended for
hedging the cash flow or net investments, whose changes in fair value are recorded in comprehensive income.</FONT></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company realizes derivatives of commodities that
have critical terms similar to the hedged item. The Company applies component hedges to its commodities. The hedged component is contractually
specified and coincides with those defined in the derivative agreement, thus, the hedge ratio is of 1:1. The hedge effectiveness is realized
in a qualitative manner. Whenever the critical terms do not coincide, the company uses the hypothetical method to assess the efficacy.
Possible sources of inefficacy are changes upon the moment of the transaction set forth, in the quantity of the good to be hedged, or
changes upon the credit risk of any of the parties to the derivative agreement.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The concepts of cash flow, net investment and fair
value hedging are applied to all instruments that meet the hedge accounting requirements of IFRS 9/CPC 48 - Financial Instruments.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>Accounting of cash flow hedge</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cash flow hedge is applicable to hedge the exposure
of cash flows of a registered asset or liability, the foreign currency risk and commodities price fluctuations associated to a transaction
whose performance is highly likely, the effective portion of any result (gain or loss) with the derivative financial instrument is directly
recognized in the comprehensive result (cash flow hedged reserves) and must be reclassified from the cash flow hedge to the same category
and in the same period impacted by the future expected hedged cash flows. The ineffective portion of any gain or loss is immediately recognized
in the income statement.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">When a hedge instrument or a hedge relationship is
extinct, but the hedged transaction is still expected to occur, the accumulated gains and losses (until that point) remain in the comprehensive
income, being reclassified according to the above practice, when the hedge transaction occur. If the hedged transaction is no longer likely
to occur, the accumulated gains and losses recognized in the comprehensive income are immediately reclassified to the income statement.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Accounting of fair value hedge</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">When a derivative financial instrument hedges the exposure
to the variability in a fair value of a registered asset or liability or a firm commitment, any result (gain or loss) with a derivative
financial instrument is recognized in the income statement. The book value of the hedged item is also recognized by the fair value in
relation to the risk, with the respective recognized gains and losses in the income statement.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Accounting of net investment hedge</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">When a non-derivative liability in foreign currency
hedges a net investment in an operation abroad, the foreign exchange differences arising out of the conversion of the liability to the
functional currency are directly recognized in other comprehensive income (conversion reserves), while the ineffective portion is recognized
in the income statement.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">When a derivative financial instrument hedges a net
investment in an operation abroad, the portion of gain or loss or the loss in the hedge instrument determined as effective is directly
recognized in other comprehensive income (conversion reserves), while the ineffective portion is reported in profit or loss.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Derivatives measured at fair value by means of income</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Certain derivative financial instruments do not qualify
for accounting of hedge. The variations in the fair value of any of these derivative financial instruments are immediately recognized
in the income statement.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Reduction in the recovery value (impairment) of
financial assets</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Management, on a quarterly basis, assesses whether
there is objective evidence that the financial asset of the group of financial assets is deteriorated. If there is any indication, the
recovery value of the asset is estimated. An asset or group of financial assets is deteriorated and the losses for impairment are registered
only if there is objective evidence of impairment as a result of one or more events occurred after the initial recognition of the assets
(&#8220;event of loss&#8221;) and that event (or events) of loss exerts an impact on the future estimated cash flows of the financial
asset or group of financial assets, and may be estimated in a reliable manner.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(xi) Accounting and Disclosure Rule in Highly Inflationary
Economy</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In accordance with IAS 29/CPC 42, the non-monetary
assets and liabilities, the equity and the income statement of subsidiaries that operate in highly-inflationary economies are adjusted
by the alteration of the general acquisition power of the currency, applying a general price index.</P>


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<P STYLE="font: 11pt/12.5pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">The financial statements of an entity of which
the functional currency is that of a highly-inflationary economy, whether they are based on an approach by the historical cost or on the
approach by the current cost, must be expressed in terms of the measurement unit current on the date of the balance sheet and converted
to <I>Real</I> at the closing foreign rate of the period.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0"><B>10.6 &#8211; Material items not mentioned in the accounting statements</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>a) the assets and liabilities directly or indirectly
held by the Company and not reflected in its balance sheet</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable since there is no material item not
reflected in Company&#8217;s accounting statements for the fiscal years ended on December 31, 2021, 2020 and 2019.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>b) other items not mentioned in the accounting statements</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable since there is no material item not
reflected in Company&#8217;s accounting statements for the fiscal years ended on December 31, 2021, 2020 and 2019.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0"><B>10.7 &#8211; Comments on items not mentioned in the accounting statements</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>a) how do those items change or may change the revenues,
expenses, operating income, financial expenses and other items in the accounting statements of the Company</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As mentioned in item 10.6 above, there are no items
that were not mentioned in our accounting statements for the fiscal years ended on December 31, 2021, 2020 and 2019.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>b) nature and purpose of the transaction</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As mentioned in item 10.6 above, there are no items
that have not been mentioned in our accounting statements for the fiscal years ended on December 31, 2021, 2020 and 2019.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>c) nature and amount of the obligations assumed
and rights generated to the benefit of the Company as a result of the transaction</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As mentioned in item 10.6 above, there are no items
that have not been mentioned in our accounting statements for the fiscal years ended on December 31, 2021, 2020 and 2019.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>10.8 &#8211; Business Plan </B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>a) investments (including quantitative and qualitative
descriptions of existing investments and anticipated investments, sources of financing for existing and anticipated material investments
and divestments), particularly: (i) quantitative and qualitative description of existing and anticipated investments; (ii) sources of
financing for investments; and (iii) relevant divestments in progress and anticipated.</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>i. quantitative and qualitative description of existing
and anticipated investments</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2021, the investment in consolidated property, plant
and equipment and intangible assets amounted to R$ 7,528 million, consisting in R$ 4,626 million for our business segment in Brazil, R$
797 million for our business segment in CAC, R$ 1,539 million related to investments in our operations in Latin America South and R$ 565</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">million related to investments in Canada.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2020, the investment in consolidated property, plant
and equipment and intangible assets amounted to R$ 4,663.4 million, consisting in R$ 3,080.2 million for our business segment in Brazil,
R$ 668.6 million for our business segment in CAC, R$ 529.4 million related to investments in our operations in Latin America South and
R$ 385.1 million related to investments in Canada.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2019, the investment in consolidated property, plant
and equipment and intangible assets amounted to R$ 5,069.4 million, consisting in R$ 3,176.5 million for our business segment in Brazil,
R$578.4 million for our business segment in CAC, R$ 1,025.0 million related to investments in our operation in Latin America South and
R$ 289.5 million related to investments in Canada.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">These investments included, mainly, the expansion of
the productive capacity, quality control, automation, modernization and replacement of the packaging lines, storage for direct distribution,
coolers, and investment for the replacement of bottles and crates, market assets of former players as well as continued investment in
information technology.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2022, we plan to invest with the purpose of increasing
value generation through greater return on our invested capital, focusing on technology and improving our level of service.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>ii. sources of financing for investments</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company has resources from its operating cash flow
generation and credit facilities extended by financial institutions in Brazil and other countries as sources of financing for its investments.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>iii. relevant divestments in progress and anticipated
</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">There are no significant divestments foreseen on the
date of this Exhibit A.I.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>b) acquisitions already disclosed of plants, equipment,
patents and other assets that may significantly affect the production capacity of the Company</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">There has been no disclosure of acquisition of plants,
equipment, patents or other assets, other than those already described in item 10.8.a above that may significantly affect the production
capacity of the Company.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>c) new products and services, indicating: (i) description
of the research in progress already disclosed, (ii) total amounts spent by the issuer on research for the development of new products
or services, (iii) projects under development already disclosed, and (iv) total amounts spent by the issuer on the development of new
products or services.</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Over the past few years, the Company invested in launching
new products and packs, and intends to continue investing in product innovations. However, because this involves trade secrets, this information
may not be disclosed in advance.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2019, we continue to see the trend of expansion
of the premium segment as a significant opportunity: we launched Stella Artois Low Gluten, the first premium beer to address the health
and wellness trend in Brazil, Beck&#8217;s, a legitimate pure malt beer that has followed the German purity law since 1873, started its
roll-out focusing on the southeastern region of the country. We have also successfully conducted a pilot for a new variety of Brahma:
the Brahma Duplo Malte, a core plus beer pure malt produced with two types of malt. Brahma Duplo Malte reinforces brewing expertise and
has a positive impact on Brahma&#8217;s brand power. Also, in Brazil, continuing the launch of craft beers, we launched Leg&iacute;tima
beer in the state of Cear&aacute;. In Argentina, we launched Quilmes Red Lager, a new variety of our classic lager. At NAB we continue
to make important</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">investments in our main brand, Guaran&aacute; Antarctica,
launching its new visual brand identity.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Innovation and transformation of our business are pillars
and central elements of our commercial strategy. During 2020, the COVID-19 pandemic played a relevant role in accelerating consumer trends
in which we were already investing, reinforcing the need for an innovative and consumer-centric mindset. We are guided by a structure
with five growth drivers involving innovation and integrated digital solutions that drive the resolution of problems for our customers
and consumers: (i) new flavors and better value-added propositions, (ii) convenience for consumers, (iii) innovation in services for our
customers, (iv) health and wellness, and (v) future beverages. In Brazil Beer, the highlight was the launch of Brahma Duplo Malte, the
result of the active listening of our consumers, which brings in its recipe the Munich and Pilsner malts and a creaminess that deliver
a differentiated experience to consumers, making the product a leader in the core plus segment in the year of its launch. We also invested
in the visual renovation of Bohemia, which continued to show strong sequential results and closed the year with the second position in
the core plus segment. Our premium beers maintained a growth rate above the beer industry, <FONT STYLE="letter-spacing: 0.15pt">with the
strengthening of our global brands</FONT>. We also launched two new beers produced with local ingredients, Berri&oacute; from Piau&iacute;
and Esmera from Goi&aacute;s, contributing to the promotion of the economy and culture of the States where they are produced and sold.
Finally, we continued to innovate in other beverage categories, with the launch of four new variants of the Beats family, the Beats Zodiac,
in 12 collectible editions in collaboration with the singer Anitta, in addition to the mixed beverages Mike&#8217;s and Isla. In the non-alcoholic
beverages (NAB) category, we nationally launched Natu, our version of Guaran&aacute; Antarctica made with 100% natural ingredients and
we continue to invest in reducing the sugar content in our portfolio.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2021, we continued to accelerate the renewal and
expansion of our portfolio, testing, for example, more than 65 new products in Brazil (both brands and packaging) and we reached 20% of
our net revenue with products that did not exist in the last 3 years. In the premium segment, we launched Stella <I>Sem Gl&uacute;ten</I>
(Gluten-Free) and Michelob Ultra, continuing to address the health and wellness trend in Brazil, and Stella Artois 600ml, as part of the
expansion of packaging in bars and restaurants. To complement our core plus segment, led by Brahma Duplo Malte, we launched Spaten, a
Munich Helles style, pure-malt beer of German origin. In Argentina, also focusing on expanding the core plus segment, we successfully
launched Quilmes Doble Malta, a new variety of our classic lager, and Andes Origen IPA Roja. Going beyond beer, in Canada we have further
developed our assortment of Beyond Beer products with new flavors within our Mike&#8217;s brand, such as Hard Watermelon.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In addition to the new products, we are bringing convenience
to consumers and innovation in services to our customers through BEES, Z&eacute; Delivery and Donus, which are some of our main digital
platforms. In Brazil, we have already reached more than 85% of our active customers through BEES, which, once again, allowed us to achieve
an all-time high number of beer buyers and the best NPS of all times. Z&eacute; Delivery fulfilled more than 17 million orders in the
last quarter of 2021 and a positive result for the business unit. Donus&#8217; TPV grew three times compared to the third quarter of 2021,
as we expanded our customer base using the app by approximately 50% in the fourth quarter of 2021. At CAC, BEES represents 90% of Dominican
Republic&#8217;s revenue and achieved more than 90% of fully digital POCs. Third-party product offerings continue to expand in the country
and Panama has also started to roll-out the service.</P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>10.9 &#8211; Other factors with material influence</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">The outbreak of COVID-19, on a global scale, has increased
the volatility of the national and international markets and has been affecting the economies of the countries in which the Company operates,
and, consequently, the results of its operations. The pandemic and the restrictions imposed in response by national governments, especially
since March 2020, have generated significant changes in market dynamics both in the off-trade sales channel, composed of supermarkets
and the like, and in the on-trade channel, which is composed of bars and restaurants. In countries with higher levels of income, more
mature beer market and a greater weighting towards the off-trade sales channel, such as Canada, Company&#8217;s management observed the
stocking</P>


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">behavior of products and the consequent increase in volume
at the beginning of the crisis. On the other hand, in countries with lower income levels and less mature beer markets, the volume trend
varies according to the market segmentation between the on-trade and off-trade channels, so that the Company observed a greater reduction
in volume the greater the weighting of the on-trade channel. In addition, in all countries there was an increase in sales via e-commerce,
although this channel represents a small portion of Company&#8217;s total volume.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Company&#8217;s management carried out a series of
analyses on the impact of the COVID-19 pandemic, which involved (i) the review of the assumptions of the annual impairment test, (ii)
analysis of possible credit losses and inventory obsolescence, (iii) review of measurement assumptions for financial instruments, including
hedges, (iv) analysis of the recoverability of deferred taxes, (v) assessment of the relevant estimates used to prepare the interim financial
statements, among other analyses. Any impacts derived from these analyses are reflected in Company&#8217;s accounting statements.</P>

<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: center; text-indent: -36pt"><FONT STYLE="font-variant: small-caps; text-transform: uppercase"><B><U>EXHIBIT
A.II &#8211; ALLOCATION OF NET PROFIT</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: center"><I>(as exhibit 9-1-II to CVM Instruction 481/09)</I></P>

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<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt Calibri,sans-serif; padding-left: 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman,serif"><B>1.&#9;Net profit for the year:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 59%; border: Black 1pt solid; font: 11pt Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Net profit as per corporate law</FONT></TD>
    <TD STYLE="width: 41%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">R$ 12,670,968,081.06</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>2.&#9;Overall value and value per share of the dividends, including interim dividends and interest on own capital (IOC) already declared.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 56%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Overall value of dividends and IOC (gross) </FONT></TD>
    <TD STYLE="width: 44%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;9,499,622,850.96</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Overall value of dividends and IOC (net)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;8,535,865,254.27</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Overall value of dividends</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp; 2,099,485,898.47</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Overall value of IOC (gross)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp; 7,400,136,952.49</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Overall value of IOC (net)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;&nbsp;&nbsp;6,436,379,355.80</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>Total (dividends + IOC)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Amount per share (net)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;0.5331</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Amount per share (gross)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;0.6036</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>Dividends</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Amount per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;0.1334</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>IOC</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Amount per share (gross)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;0.4702</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Amount per share (net)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: black 1pt solid; border-bottom: black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;0.3996</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>3.&#9;Percentage of net profit distributed for the fiscal year:</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 47%; border: Black 1pt solid; font: 11pt Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Percentage of net profit distributed for the fiscal year </FONT></TD>
    <TD STYLE="vertical-align: top; width: 53%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">74.97%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Net percentage of net profit distributed </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">67.37%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>


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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

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    <TD STYLE="width: 100%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>4.&#9;Overall value and value per share of dividends distributed based on profits from previous fiscal years:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">In 2021, dividends based on the profit of previous years were not distributed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>5.&#9;State, having deducted the advance dividends and interest on own capital already declared:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 6pt 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 12pt"><B>a)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Times New Roman,serif">The gross value of the dividends and interest on own capital, declared separately,
    for shares of each type and class.</FONT></B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts already advanced and declared by the Board of Directors of the Company, informed in item 2 above.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 6pt 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 12pt"><B>b)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;
    </FONT><FONT STYLE="font-family: Times New Roman,serif">The manner and period for the payment of dividends and interest on own capital.</FONT></B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts already advanced and declared by the Board of Directors of the Company, informed in item 2 above.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 6pt 0 0 36pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 12pt"><B>c)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Times New Roman,serif">Possible restatement and interest falling due on dividends and interest on own
    capital.</FONT></B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts already advanced and declared by the Board of Directors of the Company, informed in item 2 above.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 11pt Calibri,sans-serif; margin: 6pt 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 12pt"><B>d)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;
    </FONT><FONT STYLE="font-family: Times New Roman,serif">Date of declaration of the payment of dividends and interest on own capital taken
    into consideration for identifying shareholders with the right to receive these amounts.</FONT></B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts already advanced and declared by the Board of Directors of the Company, informed in item 2 above.</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If dividends or interest on
    own capital have been declared based on profits assessed in balance sheets prepared every six months or in shorter periods:</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>a) State the amount of the dividends and interest on own capital already
    declared.</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>b) State the date of the respective payments.</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: 1pt windowtext solid; border-bottom: 1pt windowtext solid; border-left: 1pt windowtext solid"><P STYLE="margin-top: 0; margin-bottom: 0">Total amount of the dividends or interest on own capital already declared related to the fiscal year ended on December 31, 2021, based on profits assessed in balance sheets prepared every six months or in shorter periods:</P>
                                                                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">Gross: R$ 9,499,622,850.96</P>
                                                                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Net of Withholding Income Tax (IRRF) on IOC/dividends: R$ 8,535,865,254.27&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 76%; border: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Board of Directors&rsquo; Meeting held on December 9, 2021</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Payment date: December 30, 2021</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Total Gross Amount: R$ 7,400,136,952.49</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Total Net Amount: R$ 6,436,379,355.80</P></TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">DIVIDENDS (exempt from WHT)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 12pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">GROSS IOC</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">0.4702</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; background-color: #D9D9D9; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">NET IOC</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: right">Common</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: right">0.3996</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 76%; border: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Board of Directors&#8217; Meeting held on December 21, 2021</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Payment date: December 30, 2021</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Total Gross Amount: R$ 2,099,485,898.47</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Total Net Amount: R$ 2,099,485,898.47</P></TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">DIVIDENDS (exempt from WHT)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.1334</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">GROSS IOC</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">NET IOC</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: right">Common</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: right">-</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>7.&#9;Comparative table presenting the following values per share of each type and class:</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>a) Net profit for the fiscal year and the previous three fiscal years.</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #E0E0E0">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 61%; border: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>Profit per share:</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 39%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Common (R$)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.81</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">2020</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.72</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">2019</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.75</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>Profit per share (net of treasury shares) </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.80</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">2020</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.72</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">2019</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.74</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B></B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>b) Dividends and interest on
own capital distributed during the previous three fiscal years.</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 48%; border: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 52%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Under the corporations laws (R$)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 12pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Dividend per share:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Dividends</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.1334</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">IOC (gross)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.4702</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">IOC (net)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.3996</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Dividend per share:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Dividends</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.0767</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">IOC (gross)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.4137</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">IOC (net)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.3516</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Dividend per share:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Common</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Dividends</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.0000</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">IOC (gross)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.4906</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">IOC (net)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">0.4170</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>8.&#9;Allocation of profits to the Legal Reserve:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">The Company's Legal Reserve currently in the amount of R$ 4,456,000.00, plus the amount of capital reserves set forth in Paragraph 1 of article 193 of Law No. 6404/76, exceeded 30% of the capital stock, reason why there is no requirement to allocate any portion of the income for the fiscal year ended December 31, 2021 to its composition.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>9.&#9;Fixed or minimum dividends:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Not applicable.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>10.&#9;Mandatory dividend:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>a) Describe the manner of calculation as provided on the bylaws</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Pursuant to &sect;3 of article 42 of the Company&#8217;s
    bylaws, 5% of the net profit for the year will be allocated to the legal reserve, which shall not exceed 20% of the capital stock. The
    Company may refrain from constituting the legal reserve in a fiscal year when the balance of this reserve, plus the amount of capital
    reserves, exceeds 30% of the capital stock.</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Following this allocation, and excluding the tax incentive
    reserves, 40% of the net profit will be allocated to pay mandatory dividends to all company shareholders.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>b) State whether this is being paid out in full.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">The mandatory dividend was fully paid.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>c) State any amount that may have been withheld.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Not applicable.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>11.&#9;Withholding of the mandatory dividend:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">No mandatory dividends were withheld.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>12.&#9;Allocation of earnings to the contingencies reserve:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">There were no allocations of earnings to the contingencies reserve.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 11pt"><BR STYLE="clear: both">
</FONT><FONT STYLE="font-family: Times New Roman,serif"><B>13.&#9;Allocation of earnings to the reserve for future profits</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">There were no allocations of earnings to the reserve for future profits.</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>14.&#9;Allocations of earnings to the statutory reserves</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>a) Describe the statutory clauses establishing the reserve.</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Times New Roman,serif; text-align: justify; margin: 0">Article 42, &sect;3, letter &ldquo;c&rdquo; of the Company&rsquo;s bylaws
stipulate that no more than 60% of the adjusted net profit can be set aside for constituting the Reserve for Investment, whose purpose
is to finance the expansion of the Company&rsquo;s activities and those of its subsidiary companies, including through capital increases
or setting up new enterprises. In accordance with &sect;4 of article 42 of the Company&rsquo;s bylaws, the amount allocated to the statutory
reserve may not exceed 80% of its capital stock. Once this limit is reached, the General Meeting of Shareholders must resolve on the balance,
either allocating it for distribution to the shareholders or to increase the Company&rsquo;s capital stock.</P>

<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>b) Identify the amount intended for the reserve.</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #E0E0E0">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border: Black 1pt solid; font: 11pt Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>RESERVE FOR INVESTMENT</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 72%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Proposed allocation </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 28%; border-bottom: Black 1pt solid; font: 11pt Calibri,sans-serif; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">R$ 3,848,112,086.57</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>c) Describe how the amount was calculated.</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom; background-color: #E6E6E6">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>CALCULATION OF THE RESERVE FOR INVESTMENT (R$)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 66%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>Net profit for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 34%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">12,670,968,081.06</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Reversal of the effect of revaluing fixed assets using historic cost <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">11,823,167.53</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Effect of the application of IAS 29/CPC 42 (hyperinflation) <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">2,063,722,000.00</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">&nbsp;Tax incentives reserve </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">(1,423,467,375.24)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">&nbsp;<B>Subtotal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">13,323,045,873.35</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Dividends distributed</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">(2,099,485,898.47)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Interest on own capital distributed</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">(7,400,136,952.49)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">&nbsp;<B>Subtotal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">3,823,423,022.39</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Expired dividends</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">24,689,064.16</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>Subtotal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">3,848,112,086.55</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Reserve for investments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">(3,848,112,086.55)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>Outstanding balance to be distributed</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>-</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Refers to the portion of earnings equivalent
to the 61.88% equity interest in Companhia de Bebidas das Am&eacute;ricas - Ambev originally owned by Anheuser-Busch InBev S.A./N.V.,
by means of Interbrew International B.V and of AmBrew S.A until the contribution of said equity to the capital of the Company, as disclosed
in a relevant fact of the Companhia de Bebidas das Am&eacute;ricas &ndash; Ambev published on May 10, 2013 and described under item 15.7
of the Company&rsquo;s reference form (&ldquo;Contribution of Shares&rdquo;). The Contribution of Shares was recognized in the financial
statements for the purposes of disclosure, pursuant to the historic cost method described in section 10.5 of Exhibit A.I of this proposal,
but this portion does not belong to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 6pt 0 0">&nbsp;</P>


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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; width: 100%; margin-top: 6pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 2%">(2)</TD>
  <TD STYLE="text-align: justify">According to described in Note 1(b) to the Consolidated Financial Statements of December, 2019, in July 2018, considering that the accrued
inflation in the last three years in Argentina was over 100%, the application of accounting rule and disclosure in highly inflationary
economy (IAS 29/CPC 42) is now required.</TD></TR>
</TABLE>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>15.&#9;Retention of profits established in the budget:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">None.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt 36pt; text-indent: -36pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border: Black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of earnings to
    the reserve for tax incentives:</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>a) State the amount allocated to the reserve.</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>b) Explain the nature of the allocation.</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">It is proposed allocating to the Reserve for Tax Incentives a total amount of R$ 1,423,467,375.24&nbsp;&nbsp;of which (i) R$ 1,388,400,515.82 refer to state ICMS tax incentives received by several of the Company&#8217;s units; (ii) R$ 32,941,105.25 refer to tax incentives in the state of Sergipe pursuant to Law No. 5.382/04; and (iii) R$ 2,125,754.17 refer to Federal Income Tax Reinvestment Incentives granted by the SUDENE, pursuant to article 19 of Law No. 8167/91.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt"><B>&nbsp;</B></P>


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<P STYLE="font: bold 12pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><U>Exhibit A.III
&#8211; Information of the Candidates to the position of Member of the Company's Fiscal Council</U></FONT></P>

<P STYLE="font: 10pt/115% Calibri,sans-serif; margin: 0 0 10pt; text-align: center"><I>(<FONT STYLE="font-family: Times New Roman,serif">as
items 12.5 to 12.10 of Exhibit 24 to CVM Instruction 480/09)</FONT></I></P>

<P STYLE="font: 10pt/13.55pt Times New Roman,serif; margin: 1.45pt 0 10pt"><B>12.5 - Composition and professional experience of members
of management, Fiscal Council and statutory audit committee </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD COLSPAN="5" STYLE="font: 11pt/115% Calibri,sans-serif; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; line-height: 115%"><B>Name:&#9;Date of birth &#9;Management body&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date elected &#9;&nbsp;&nbsp;&nbsp;&nbsp;Term of office </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD STYLE="width: 34%; border-bottom: white 1pt solid; border-right: white 1pt solid">
    <P STYLE="font: 9pt/115% Times New Roman,serif; margin: 2.6pt 0 10pt 7.1pt"><B>Taxpayer No. (CPF)</B></P>
    <P STYLE="font: 9pt/115% Times New Roman,serif; margin: 2.6pt 0 10pt 2pt">&nbsp;</P></TD>
    <TD STYLE="width: 17%; border-bottom: white 1pt solid; font: 11pt/115% Calibri,sans-serif; border-right: white 1pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; line-height: 115%"><B>Profession</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: white 1pt solid; font: 11pt/115% Calibri,sans-serif; border-right: white 1pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; line-height: 115%"><B>&nbsp;&nbsp;&nbsp;Position held</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: white 1pt solid; font: 11pt/115% Calibri,sans-serif; border-right: white 1pt solid; padding-left: 7.85pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; line-height: 115%"><B>Took office</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: white 1pt solid; font: 11pt/115% Calibri,sans-serif; border-right: white 1pt solid; padding-left: 1.5pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; line-height: 115%"><B>Elected by controlling shareholder</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD COLSPAN="5" STYLE="border-right: white 1pt solid; border-bottom: black 1pt solid; font: 11pt/115% Calibri,sans-serif; padding-left: 7.1pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt; line-height: 115%"><B>Other positions and duties for Issuer </B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 9pt/115% Times New Roman,serif; margin: 0 1.5pt 10pt 0; background-color: #D9D9D9"><B>If the designated member is an independent
member, criterion used by the issuer to determine their independence; </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0.2pt 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/115% Times New Roman,serif; margin: 0 0 10pt; background-color: #D9D9D9"><B>Consecutive term of offices </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0.2pt 0 10pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-top: black 1pt solid; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Jos&eacute; Ronaldo Vilela Rezende</FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; padding-left: 3.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">06/07/1962</FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council</FONT></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; padding-left: 14.15pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">04/29/2022</FONT></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Until the 2023 AGM </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">501.889.846-15</FONT></TD>
    <TD STYLE="padding-left: 3.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Accountant</FONT></TD>
    <TD STYLE="padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council (effective member) / elected by the controlling shareholder</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2.05pt 0 10pt 14.15pt">05/04/2022</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2.05pt 0 10pt 14.15pt">(estimated)</P></TD>
    <TD STYLE="padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Not applicable, since the only position held in the Company is member of the Fiscal Council.</FONT></TD>
    <TD STYLE="padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Member elected by the controlling shareholder.</FONT></TD>
    <TD STYLE="padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 2pt">7<SUP>th</SUP> term of office</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 2pt">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 0.65pt">Elidie Palma Bifano</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 0.65pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 2pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 3.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">05/16/1947</FONT></TD>
    <TD STYLE="padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council</FONT></TD>
    <TD STYLE="padding-left: 14.15pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">04/29/2022</FONT></TD>
    <TD STYLE="padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Until the 2023 AGM</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">395.907.558-87</FONT></TD>
    <TD STYLE="padding-left: 3.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Lawyer</FONT></TD>
    <TD STYLE="padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council (effective member) / elected by the controlling shareholder</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2.05pt 0 10pt 14.15pt">05/04/2022</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2.05pt 0 10pt 14.15pt">(estimated)</P></TD>
    <TD STYLE="padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Not applicable, since the only position held in the Company is member of the Fiscal Council.</FONT></TD>
    <TD STYLE="padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Member elected by the controlling shareholder.</FONT></TD>
    <TD STYLE="padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 2pt">4<SUP>th</SUP> term of office</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 2pt">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Vinicius Balbino Bouhid</FONT></TD>
    <TD STYLE="padding-left: 3.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">08/06/1961</FONT></TD>
    <TD STYLE="padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council</FONT></TD>
    <TD STYLE="padding-left: 14.15pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">04/29/2022</FONT></TD>
    <TD STYLE="padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Until the 2023 AGM</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">667.460.867-04</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 3.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Civil engineer</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council (effective member) / elected by the minority shareholders</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 14.15pt">05/04/2022</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 14.15pt">(estimated)</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Not applicable, since the only position held in the Company is member of the Fiscal Council.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 2pt">Independent Member elected by the minority shareholders.</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 0.65pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 2pt">3<SUP>rd</SUP>term of office</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 2pt">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Emanuel Sotelino Schifferle</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 3.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">02/27/1940</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 14.15pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">04/29/2022</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Until the 2023 AGM</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">009.251.367-00</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 3.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Engineer</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council (alternate member) / elected by the controlling shareholder </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2.05pt 0 10pt 14.15pt">05/04/2022</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2.05pt 0 10pt 14.15pt">(estimated)</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Not applicable, since the only position held in the Company is member of the Fiscal Council.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Member elected by the controlling shareholder.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 2pt">10<SUP>th</SUP> term of office</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 2pt">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Eduardo Rogatto Luque</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
    <P STYLE="font: 9pt Times New Roman,serif; margin: 2pt 0 10pt 0.65pt">07/06/1969&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 3.75pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 3.75pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 3.75pt">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 14.15pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">04/29/2022</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Until the 2023 AGM</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">142.773.658-84</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 3.75pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Contador</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council (alternate member) / elected by the controlling shareholder</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2.05pt 0 10pt 14.15pt">05/04/2022</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2.05pt 0 10pt 14.15pt">(estimated)</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Not applicable, since the only position held in the Company is that of Fiscal Council member.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Member elected by the controlling shareholder.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 2pt">3<SUP>rd</SUP>term of office</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 2pt">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">Carlos Tersandro Fonseca Adeodato&#9;01/02/1954</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 22.3pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">04/29/2022</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Until the 2023 AGM</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">337.770.397-72&#9;Economist</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Fiscal Council (alternate member) / elected by the minority shareholders</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2.05pt 0 10pt 21.3pt">05/04/2022</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2.05pt 0 10pt 22.3pt">(estimated)</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Not applicable, since the only position held in the Company is that of Fiscal Council member.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Independent member - elected by the minority shareholders.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 2pt">3<SUP>rd</SUP> term of office</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2pt 0 10pt 2pt">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 28.85pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 22.3pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 8.7pt; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; background-color: gainsboro; padding-left: 2pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Professional experience / Declaration of any convictions</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; background-color: gainsboro; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; background-color: gainsboro; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; background-color: gainsboro; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; background-color: gainsboro; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify"><B>Jos&eacute; Ronaldo Vilela Rezende &#8211;
501.889.846-15</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify">Mr. Rezende holds the position of effective
member of the Company&#8217;s Fiscal Council since 2016. Over the past five years, he held the following positions during the indicated
periods at the following companies/institutions: (i) member of the audit committee of Cerradinho Bioenergia S.A.; and (ii) member of the
audit committee of Diagn&oacute;sticos da America S.A. &#8211; DASA. In addition, he acted as risk management partner of the consulting
practice at PricewaterhouseCoopers Brazil from 2005 to 2011, which main activities are auditing services; leader of the Agribusiness Industry
at PricewaterhouseCoopers in Brazil (2006 to 2014) and the Americas (2009 to 2014); andPricewaterhouseCoopers the partner in charge of
delivering Risk Assurance Services (RAS) at PricewaterhouseCoopers (relating to auditing processes and systems) since 1998. Mr. Rezende
is a certified fiscal council member by the Brazilian Institute of Governance (IBGC). Currently, he holds the position of Chairman of
the Company&#8217;s Fiscal Council. Mr. Jos&eacute; Ronaldo Vilela Rezende has declared that, for all legal purposes, he has not in the
last five years been subject to the effects of any criminal conviction, any conviction or penalty arising from administrative proceedings
before the CVM, or any final verdict in the judicial or administrative sphere, that led to suspension or disqualification from the practice
of any professional or commercial activity.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>Elidie Palma Bifano - 395.907.558 - 87</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 16.2pt 10pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="margin-right: 16.2pt; margin-left: -2cm; padding: 0cm 0cm 1pt; border-bottom: Black 1.5pt solid">

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">Mrs. Bifano holds the position of effective member
of the Company&#8217;s Fiscal Council since 2019. Over the past five years, she held the following positions with the following companies:
(i) partner at Mariz de Oliveira and Siqueira Campos Law Firm; (ii) Professor of the Professional Master's Course at the S&atilde;o Paulo
Law School of Funda&ccedil;&atilde;o Get&uacute;lio Vargas - FGV, in the course Business Structuring; (iii) Professor of the post-graduation
courses <I>strictu sensu </I>of IBDT, IBET, CEU, COGEAE/ PUC; and (iv) effective member of the Company&#8217;s Fiscal Council. In addition,
she was member of Banco Santander (Brasil) S.A.&#8217;s Audit Committee from 2012 to 2018 and audit partner of the tax consultancy area
at PricewaterhouseCoopers from 1974 to 2012. Mrs. Elidie Palma Bifano has declared that, for all legal purposes, she has not in the last
five years been subject to the effects of any criminal conviction, any conviction or penalty in administrative proceedings before the
CVM or any final verdict in the judicial or administrative sphere that led to suspension or disqualification from the practice of any
professional or commercial activity.</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify"><B>Vinicius Balbino Bouhid - 667.460.867/04
</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify">Mr. Bouhid holds the position of effective member
of the Company&#8217;s Fiscal Council since 2020. Over the past five years, he held the following positions in the following companies:
(i) effective member of the fiscal council at Norte Energia S.A.; and (ii) alternate member of the Company&#8217;s Fiscal Council. In
addition, Mr. Bouhid acted as Chief Executive Officer (CEO), from 2013 to 2015, of <I>BB Securities Ltd</I>., a wholly-owned subsidiary
of Banco do Brasil headquartered in London that acts as a broker and distributor of bonds and securities for the EMEA region, having at
the time led the AMBIMA ranking (Brazilian Finance and Capital Markets Association) with public offers by BB Seguridade, Petrobr&aacute;s,
BRFoods, CPFL, BTG Pactual, among others; Executive Manager, from 2009 to 2013, at BB Banco de Investimentos, being responsible for the
corporate governance and private equity area of the bank; member of the Board of Directors of BB Securities in London from 2013 to 2015;
member of the Fiscal Council</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify">of Companhia de Eletricidade do Estado da Bahia
(Coelba), which operates in the electricity sector, from 2011 to 2013; member of Brasil Sa&uacute;de&#8217;s Fiscal Council from 2009
to 2010; and member of BrasilCap&#8217;s Fiscal Council from 2001 to 2009. Mr. Vinicius Balbino Bouhid has declared that, for all legal
purposes, he has not in the last five years been subject to the effects of any criminal conviction, any conviction or penalty in administrative
proceedings before the CVM or any final verdict in the judicial or administrative sphere that led to suspension or disqualification from
the practice of any professional or commercial activity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify"><B>Emanuel Sotelino Schifferle - 009.251.367-00</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify">Mr. Schifferle holds the position of alternate
member of the Company&#8217;s Fiscal Council since 2013. Over the past five years, he acted as managing partner of ASPA Assessoria e Participa&ccedil;&otilde;es
S/C Ltda., a company whose main activity is advising companies on restructuring, acquisition, negotiating contracts and transitional management,
having managed companies under judicial recovery, reorganizing and restructuring companies, and renegotiating contracts among other activities.
In addition, Mr. Schifferle acted as member of the Fiscal Council of Am&eacute;rica Latina Log&iacute;stica (ALL), between 2004 and 2009,
a listed company whose main activity is providing rail and road transportation services; alternate member, from 2005 to 2014, of the Fiscal
Council of Companhia de Bebidas das Am&eacute;ricas - Ambev, succeeded by the Company as of January 2, 2014, as described in item 6.3
of its Reference Form; member of the Board of Directors, between 2007 and 2011, of S&atilde;o Carlos Empreendimentos e Participa&ccedil;&otilde;es
S.A., a listed company whose main activity is managing property development projects for itself and third parties; member of the Fiscal
Council of Est&aacute;cio Participa&ccedil;&otilde;es S.A., a publicly held company whose main activities are the development and management
of activity and institution in the education area; and member of the Fiscal Council, between 2011 and 2015, of Allis Participa&ccedil;&otilde;es
S.A., a publicly listed company whose main business is providing marketing and sales services for various segments. Mr. Emanuel Sotelino
Schifferle has declared, for all legal purposes, that in the last five years he has not been subject to the effects of any criminal conviction,
any conviction or penalty in administrative proceedings before the CVM or any final verdict in the judicial or administrative sphere that
led to suspension or disqualification from the practice of any professional or commercial activity.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>Eduardo Rogatto Luque - 142.773.658-84</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">Mr. Luque holds the position of alternate member
of the Company&#8217;s Fiscal Council since 2020. <FONT STYLE="color: windowtext">In the past 5 years, he has held the following positions
in the following companies/institutions: (i) managing partner and member of the Executive Committee of the Irko Group; (ii) member of
the Audit Committee of Focus Energia S.A.; (iii) effective member of the Fiscal Councils of Qualicorp S.A. (Coordinator), and Natura &amp;
Co, Ita&uacute;sa S.A. and Funda&ccedil;&atilde;o Zerrenner; (iv) member of the Board of Directors and chairman of the Audit Committee
of Cantu Store S.A.; (v) Vice-President of ABRAPSA - Brazilian Association of Administrative Service Providers; (vi) member of the Institute
of Independent Auditors of Brazil (IBRACON); (vii) member of California AICPA (CALAICPA); (viii) member of the Brazilian Institute of
Corporate Governance (IBGC; and (ix) member of the Brazilian Accounting Institutes (CRC and CFC). In addition, he was a partner at PricewaterhouseCoopers
from 2004 to 2016, a company he worked for 27 years. Mr. Eduardo Rogatto Luque has declared, for all legal purposes, that in the last
5 years he has not been subject to the effects of any criminal conviction, any conviction or penalty in an administrative proceeding before
the CVM or any final verdict in the judicial or administrative sphere that led to suspension or disqualification</FONT></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">from the practice of any professional or
commercial activity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify"><B>Carlos Tersandro Fonseca Adeodato - 337.770.397/72</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 10pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">Mr. Adeodato holds the position of alternate member
of the Company&#8217;s Fiscal Council since 2020. Over the past 5 years, he has been involved in rendering advising and consulting services
at the company Comatrix Solu&ccedil;&otilde;es Ltda., located in Rio de Janeiro, and at DOT Digital Group, located in Santa Catarina,
and acts as the representative of HydroCarbon Dynamics (HCDi) in Brazil, a subsidiary of Indago Energy with headquarters in Australia.
In addition, Mr. Adeodato has acted as Chief Financial and Investor Relations Officer at HRT Participa&ccedil;&otilde;es em Petr&oacute;leo,
from 2010 to 2013, and Chief Financial Officer at HRT Explora&ccedil;&atilde;o em Petr&oacute;leo Ltda. Mr. Carlos Tersandro Fonseca Adeodato
has declared, for all legal purposes, that he has not in the last five years been subject to the effects of any criminal conviction, any
conviction or penalty in administrative proceedings before the CVM or any final verdict in the judicial or administrative sphere that
led to suspension or disqualification from the practice of any professional or commercial activity.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.6pt 10pt 0; text-align: justify"><B>12.6- For each person who acted as a member
of the board of directors or the Fiscal Council in the last year, state in tabulated format their percentage attendance at meetings held
by the respective body in the same period that occurred after taking office.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.6pt 10pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 31%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Total meetings held by the respective body since date of taking office*</B></FONT></TD>
    <TD STYLE="width: 39%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Member's percentage attendance at meetings held by the respective body in the same period, after taking office</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Jos&eacute; Ronaldo Vilela Rezende</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Elidie Palma Bifano</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Vinicius Balbino Bouhid</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Emanuel Sotelino Schifferle</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">87.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Eduardo Rogatto Luque</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Carlos Tersandro Fonseca Adeodato</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">100%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 50.25pt 10pt 14.2pt; text-align: justify"><I>* Meetings held from 05/05/2021 to
03/16/2022.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt 7.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.6pt 10pt 0; text-align: justify"><B>12.7 - Provide information mentioned in item
12.5 in relation to members of the statutory committees and of the audit, risk, financial and compensation committees, even if such committees
or structures are not statutory.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.6pt 10pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">Not applicable. None of the members designated for
the Fiscal Council are part of any of the Company's committees.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.6pt 10pt 0; text-align: justify"><B>12.8 - For each person who acted as a member
of the statutory committees or the audit, risk, financial and compensation committees, even if such committees or structures are not statutory,
state in tabular format, their percentage attendance at meetings held by the respective body in the same period that occurred after taking
office.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.6pt 10pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">Not applicable. None of the members designated for
the Fiscal Council are part of any of the Company's committees.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>12.9 - Any marital, 'stable union' or kinship relationship
up to the 2nd degree related to management of the issuer, its subsidiaries or controlling shareholders</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>a)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">the Company's management:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no cases of marital,
'stable union' or kinship relations to the second degree among those nominated for positions as members of the Fiscal Council and its
management.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;members
of Company's management and its directly and indirectly held subsidiaries:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no cases of marital,
'stable union' or kinship relations to the second degree among those nominated for positions as members of the Fiscal Council and managers
of the Company's directly or indirectly held subsidiaries</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>c)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">members of Company's management and its directly or indirectly
held subsidiaries:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no cases of marital,
'stable union' or kinship relations to the second degree among those nominated for positions as members of the Fiscal Council and the
Company's directly or indirectly controlling shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>d)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">members of Company's management and its directly or indirectly
held subsidiaries:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no cases of marital,
'stable union' or kinship relations to the second degree among those nominated for positions as members of the Fiscal Council and the
management of the Company's directly or indirectly controlling shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>12.10 - Relationships of subordination, providing
services or control between management and subsidiaries, controlling shareholders or another </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>a)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">company directly or indirectly controlled by the Company, except
those in which the Company directly or indirectly holds all share capital:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no relations of subordination,
service or control maintained in the last three fiscal years, among those nominated for the Fiscal Council members and those of any company
directly or indirectly controlled by the Company, except those in which the Company directly or indirectly holds all share capital.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>b)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">directly or indirectly controlling shareholder of the Company:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #A6A6A6">
    <TD STYLE="width: 39%; border: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><B>Identification</B></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><B>Position/duties</B></P></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Taxpayer No. (CPF/CNPJ)</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Relationship between manager and related person</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Type of related person</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B><I>Manager of the issuer</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Eduardo Rogatto Luque</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">142.773.658-84</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Service Supplier</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Direct controlling shareholder</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Member of the Company's Fiscal Council</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B><I>Related Person</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Funda&ccedil;&atilde;o Zerrenner</FONT></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">60.480.480/0001-67</FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Member of Funda&ccedil;&atilde;o Zerrenner&#8217;s Fiscal Council.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B><I>Note</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">N/A</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>c)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">if material, supplier, client, debtor or creditor of the Company,
its subsidiaries or parent companies or subsidiaries of any of these persons, if material:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no relevant relations
of subordination, service or control maintained in the last three fiscal years among those nominated for the Company's Fiscal Council
member positions and any supplier, client, debtor or creditor of the Company, its subsidiaries or controlling shareholders or subsidiaries
of any of these persons.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman,serif; margin: 12pt 0 0 36pt; text-align: center; text-indent: -36pt"><FONT STYLE="font-variant: small-caps"><B><U>Exhibit
A.IV &#8211; Compensation of the Management</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><I>(as item 13 of Exhibit 24 to CVM Instruction 480/09)</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt"><B>13.</B></FONT><B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 12pt"><U>Compensation
of the management</U></FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.1 - Compensation policy and practice for the Board of
Directors, Board of Officers, Fiscal Council, Statutory Committees and Audit, Risk, Financial and Compensation Committees regarding the
following aspects:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">a. <U>purposes of the compensation policy or practice, informing
if the compensation practice was formally approved, the body responsible for its approval, approval date and, if the issuer discloses
the policy, websites in which the document may be found</U>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our compensation practice is aimed at aligning Company&#8217;s
purposes, shareholders&#8217; interests, management&#8217;s productivity and efficiency, as well as maintaining the competitiveness of
Company&#8217;s compensation package before the market. In this sense, the Company adopts a compensation system applicable to the management
which encourages the development of a culture of high performance, keeping key personnel of the Company over the long term, while ensuring
that the best people are hired and retained, and the interests of the management are aligned with those of shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company has a <I>&quot;Remuneration and Stock Option Policy
for the Board of Officers&quot;</I>, whose provisions were consolidated and approved at a meeting of the Board of Directors held on September
19, 2018. The Remuneration and Stock Option Policy for the Board of Officers may be found on the CVM website and at the following electronic
address: ri.ambev.com.br, in the section &#8220;Corporate Governance&#8221;, &#8220;Policies and Codes&#8221;, &#8220;Remuneration Policy
for the Board of Officers&#8221;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There is no policy formally approved for the remuneration
of the Board of Directors and its advisory committees, nor the Fiscal Council.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">b. <U>compensation elements, indicating</U>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>i. description of the elements of the compensation and
the purposes of each of them</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Pursuant to article 152, of Law No. 6,404/1976, and article
15, paragraph 1, of Company&#8217;s Bylaws, the global amount of the Company&#8217;s compensation is fixed annually by the Annual General
Meeting, the compensation being distributed among the bodies by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The elements of the compensation of these bodies are described
below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">a) Board of Directors</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The compensation of the members of the Board of Directors
is divided into: (i) a fixed compensation that is in line with market average; and (ii) a variable compensation, considering the sustainable
growth of the Company and its long-term businesses, designed to stimulate and reward significant accomplishments by means of participation
on the results.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company also has a Stock Option Plan (&#8220;<U>Option
Plan</U>&#8221;) and a Share-Based Compensation Plan (&#8220;<U>Stock Plan</U>&#8221; and, together with the Option Plan, the &#8220;<U>Plans</U>&#8221;),
for more information see item 13.4 of this <U>Exhibit A.IV</U>. Additionally, certain members of the Board of Directors also participate
in a private pension fund to which the Company also makes partial contributions, as described in item 13.10 of this <U>Exhibit A.IV</U>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">b) Board of Officers</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Executive Officers have their compensation divided into fixed
and variable components, provided that the base pay (the fixed component) is in line with market median, while the main focus is on the
variable compensation (participation on the results) and on the long-term incentives. The members of the Board of Directors are also entitled
to stock and/or options granted under the Plans, and, potentially, in the case of executives identified to have high potential in the
long term, the granting of Share Appreciation Rights (as</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">defined in item 13.4 below). The goal is to stimulate the alignment
of interests for long-term value generation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Executive Officers are entitled to the benefits provided
for in the benefits policy of the Company, pursuant to item 14.3(2) of the Company&#8217;s Reference Form. Such benefits include medical,
dental, educational and social assistance to executive officers and their dependents, free of costs or at a reduced cost. In addition,
certain executive officers participate in a private pension plan to which the Company makes partial contributions, as described in item
13.10 of this <U>Exhibit A.IV</U>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Operations, Finance and Compensation Committee (&#8220;COF&#8221;)
and the Board of Directors participate in the decision-making process to define the compensation of Company&#8217;s officers, so that
no officer decides on his/her own compensation. COF is responsible for giving an opinion on the management&#8217;s proposals to be considered
by the Board of Directors, which, in addition to deciding on COF&#8217;s recommendations, defines the general criteria for granting options
and shares to Company&#8217;s executives, with due regard for the global amount approved by the general meeting for a given fiscal year.
Additionally, officers&#8217; annual targets are discussed and approved by the Board of Directors, which is also responsible for its final
validation at the end of each year.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, COF assesses the retention of Company&#8217;s
talents annually, which includes an analysis of the need to adapt the compensation practices adopted by the Company. If COF deems it necessary,
it may propose adjustments to these practices to the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">c) Fiscal Council</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The members of the Fiscal Council receive a fixed compensation
that corresponds, at least, to the legal minimum resolved by the Shareholders&#8217; Meeting. The compensation paid to each member should
not be lower than ten percent of the compensation assigned to each Executive Officer, considering the average amount received by the Executive
Officers, excluding any benefits, representation allowances and participation on the results. The compensation of the alternate members
is equivalent to 50% of the compensation of the effective members. Additionally, the members of the Fiscal Council shall be mandatorily
reimbursed for transportation and lodging expenses, which may be necessary to perform their functions. The members of the Fiscal Council
are not entitled to receive variable compensation. The fixed compensation attributed to Fiscal Council members is annually updated based
on IPCA variation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">d) Committees</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">All members of the Related Parties and Antitrust Conducts
Committee and COF members that are part of the Board of Directors of the Company do not receive any specific compensation for their activities
in those Committees. Members, who do not meet this condition, receive annual fixed fees aligned with the market average and annually updated
based on the IPCA variation and are not entitled to receive variable compensation. Additionally, all members of the Committees shall be
mandatorily reimbursed for transportation and lodging expenses, which may be necessary to perform their functions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>ii. regarding the 3 last fiscal years, what is the participation
of each element in total compensation</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 28%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Fiscal Council</B></P></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Committees</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fixed Compensation</B><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>&#8204;46.87%</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 12pt; text-underline-style: double"><B><U>&#8204;</U></B></FONT><B><U><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double">23.34%</FONT></U></B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">100.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&#8204;<FONT STYLE="text-underline-style: double"><B><U>25.97%</U></B></FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&#8204;<FONT STYLE="text-underline-style: double"><U>22.41%</U></FONT></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">100.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct and indirect benefits</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&#8204;<FONT STYLE="text-underline-style: double"><B><U>20.90%</U></B></FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&#8204;<FONT STYLE="text-underline-style: double"><U>0.93%</U></FONT></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Variable compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&#8204;<FONT STYLE="text-underline-style: double"><B><U>19.57%</U></B></FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 12pt; text-underline-style: double"><B><U>&#8204;</U></B></FONT><B><U><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double">40.34%</FONT></U></B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&#8204;<FONT STYLE="text-underline-style: double"><B><U>33.56%</U></B></FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>&#8204;36.31%</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">(i) The table above does not take into account amounts referring
to employer&#8217;s payroll charges, according to the guidance provided for in the Circular-Notice/Annual-2022-CVM/SEP of the Superintendence
of Relations with Companies (<I>Superintend&ecirc;ncia de Rela&ccedil;&atilde;o com Empresas</I> &#8211; <I>SEP</I>) following the decision
of the CVM Collegiate body in the Proceeding No. 19957.007457/2018-10 (guidance which was also provided for in the Circular-Notice No.
01/2021 of the Superintendence of Relations with Companies (<I>Superintend&ecirc;ncia de Rela&ccedil;&atilde;o com Empresas</I> - <I>SEP</I>)
disclosed in 2021). For comparative purposes, the Company has disclosed such employer&#8217;s payroll charges in item 13.16 of this <U>Exhibit
A.IV</U>.</P>


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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 28%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Fiscal Council</B></P></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Committees</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>54.54%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>33.99%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>100.00%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>100.00%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">45.45%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">27.56%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">83.33%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct and indirect benefits</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1.22%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charges</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9.09%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5.21%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.67%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Variable compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>45.46%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>66.01%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 28%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Fiscal Council</B></P></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Committees</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>45.35%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>31.72%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>100%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">37.79%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">25.37%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">83.33%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct and indirect benefits</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1.37%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charges</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7.56%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4.97%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.67%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Variable compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>7.84%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11.43%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>46.82%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>56.85%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The proportion of the elements of compensation of the Board
of Directors and the Board of Officers described above tends to repeat, to a greater or lesser degree, in years when the Company meets
the eligible targets for distribution of variable compensation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Variable compensation is determined according to the performance
verified in relation to pre-established targets. Consequently, in case the minimum targets established are not fulfilled, no variable
compensation will be due.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The compensation of the members of the Fiscal Council is 100%
fixed, of which 83.33% corresponds to fees and 16.67% corresponds to charges on remuneration (percentages applicable to the years 2021,
2020 and 2019) and are reimbursed for their travels and lodging expenses required for the performance of their duties.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The members of the Committees that are not part of the Company&#8217;s
Board of Directors have 100% of their compensation composed of annual fixed fees and are reimbursed for their travels and lodging expenses
required for the performance of their duties.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>iii. methodology for calculation and restatement of each
of the compensation elements</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The overall compensation of the management, as approved by
the Annual Shareholders&#8217; Meeting, is restated annually based on a market research carried out according to the terms indicated in
sub-item (h) (ii) below and periodically assessed by the Company&#8217;s People &amp; Management area, so as to secure that the amount
paid is sufficient to meet the specific objectives in relation to the market.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The variable compensation, when paid in cash, is calculated
as a multiple of fixed compensation, provided that the target conferred on the manager and the Company have been achieved.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Regarding the determination of the amount of stock options
to be granted under the Option Plan, please refer to items 13.4 and 13.8 below. For a description of the determination of the benefit
resulting from Share Appreciation Rights, please refer to item 13.4 below. For a description related to the Stock Plan, please refer to
item 13.4 below.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Both for purpose of compensation and for purpose of granting
stock options / shares the achievement of annual targets as well as other results delivered in the year, meritocracy criteria , seniority
level and expertise of the executive may be taken into consideration.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Please refer to sub-item &#8220;h&#8221; below for further
information.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>iv. reasons behind the compensation elements</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Compensation of the management is defined to encourage its
members to meet short, medium and long-term results for the Company. On this regard, the Company secures a fixed compensation based on
market research, however, encouraging the achievement of expressive results to obtain a variable compensation above market average. Therefore,
Company&#8217;s targets must be challenging but achievable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The possibility of granting options and shares encourages
the alignment of interests of the shareholders and the management over the long-term, upon the free or onerous receipt, as the case may
be, of the Company&#8217;s shares by its managers, with restrictions on sale or delivery, contingent upon continued employment with the
Company for a certain period of time. Also, additional shares may be granted to the beneficiary depending on the reinvestment level of
the variable compensation that is chosen.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Finally, the Company has decided to adopt, for certain executives
deemed strategic and with high performance potential, the granting of Share Appreciation Rights, enabling such participants to receive
cash bonus based on the value of the shares of the Company. The granting of Share Appreciation Rights, however, is contingent upon the
continued employment of executives with Company for a long or very long term, with vesting periods of five to ten years, therefore encouraging
the retaining of strategic talent and generating value for shareholders in the long term.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In relation to the Fiscal Council and the Committees, the
intention is to secure compensation compatible with the limits defined in applicable legislation, ensuring that its members are duly rewarded
to perform their duties.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>v. the existence of members who do not receive compensation
and the reason for that</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The alternate member and three sitting members of the Board
of Directors do not receive compensation from the Company, as they are also part of the management of the Parent Company (Anheuser-Busch
InBev S.A./N.V. - &#8220;ABI&#8221;), which is responsible for the compensation payment of these members.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">c. <U>key performance indicators taken into account for determining
each compensation element</U>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The key performance indicators for purposes of defining the
variable compensation based on the achievement of goals either for the Company or its management are: EBITDA, cash flow and net revenues,
in addition to other specific indicators for the various departments of the Company according to their respective functions and competencies.
Additionally, given the importance that the Company gives to Environmental, Social and Corporate Governance (&#8220;<U>ESG</U>&#8221;)
indicators, starting from 2022, all members of the Board of Officers have at least one goal linked to ESG, representing another important
step towards the integration of the subject in the business strategy of the Company, directly impacting the variable compensation of its
main executives.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">d. <U>how is the compensation structured to reflect the progress
of performance indicators</U>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The variable compensation (profit sharing) is defined according
to the following basis: (i) below a certain level of target achievement, no variable compensation shall be due, but, on the other hand,
outstanding accomplishments of targets must be compensated with participation on the results comparable to or even higher than top levels
in the market; and (ii) variable compensation will only be granted if both the targets of the Company and those targets of the manager
are achieved.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The managers have the possibility to reinvest their variable
compensation in the Company, and they may use their own resources, in total or in part, for the exercise of the stock option granted within
the Option Plan. In this event, the Company may grant to said executives additional shares or options, depending on the reinvestment level
of their variable compensation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For high potential executives, the Company also adopts a variable
pay practice defined as Share Appreciation Rights. According to such practice, the executives receive, after vesting periods varying between
five and ten years, a value per share corresponding to the closing price of shares or American Depositary Receipts (&#8220;<U>ADRs</U>&#8221;)
issued by the Company at B3 S.A. - Brasil, Bolsa, Balc&atilde;o (&#8220;<U>B3</U>&#8221;) or at the New York Stock Exchange (&#8220;<U>NYSE</U>&#8221;),
as applicable, on the trading session immediately before the respective vesting periods.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">e. <U>how the compensation policy or practice is aligned with
short, medium and long-term interests of the Company</U>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The fixed compensation is a compensation based on market research,
but as the segment cycle in which the Company operates in is the segment of medium and long term, the alignment of the compensation to
the interests of the Company is verified by means of the granting of a substantial portion of compensation referred to those periods.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The medium-term income is aligned with the compensation policy
of the Company as to the payment of the profit sharing. In this case, the income of the Company and the results of its management during
the year will affect the amount to be assigned as variable pay.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Additionally, the Option Plan requires a commitment of funds
over the long-term, by virtue of the connection between options&#8217; vesting periods , and/or the restriction on the sale of corresponding
shares, conditioning the exercise and the acquisition to the executive continued employment with the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Stock Plan reinforces the need for a long-term commitment,
once the delivery of the Company&#8217;s shares is contingent upon the executive continued employment with the Company during a vesting
period not shorter than three years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Share Appreciation Rights occasionally granted to elected
high potential executives by the Company, align the long-term and very long-term interests by means of the possibility of receiving, after
the vesting periods of five or ten years, the amount corresponding to the price of the shares issued by the Company, to encourage the
retaining of talent as well as the creation of value for the Company and the shareholders in order to encourage the future appreciation
of the shares in the long term.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As such, it is understood that the compensation policy of
the Company is totally aligned with the monitoring of its performance and, therefore, reaffirms the sharing of the risk and the potential
profits among the Company&#8217;s managers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">f. <U>existence of compensation borne by direct or indirect
subsidiaries or controlling companies</U>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The alternate member and three members of the Board of Directors
are also part of the management of the Parent Company, which bears compensation payment of these members, and, therefore, they do not
receive compensation from the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, on November 25, 2008, certain managers of the
Company received stock options of shares issued by ABI, the controlling shareholder of the Company, totaling approximately 5 million options,
with approximately 1 million options for members of the Board of Officers, at the time, and approximately 4 million for members of the
Board of Directors, at the time. Each of such options entitles the acquisition of one common share issued by ABI. One half of those options
became exercisable on January 1st, 2014 and the other half became on January 1st, 2019. In both cases the options may be exercised within
five years at an exercise price of &#8364;10.32, corresponding to the market price of the shares of ABI on the date the options were granted.
Moreover, the exercise of such options also depended on ABI&#8217;s net debt to EBITDA ratio to fall below 2.5 before December 31, 2013,
which has been achieved. In 2016, there was a grant of restricted shares issued by ABI, in accordance with the applicable lock-up terms,
in a total amount of approximately 107 thousand restricted shares, of which approximately 2,500 to members of the Board of Officers and
104 thousand to members of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In 2019, certain members of the Board of Directors received
0.5 million in ABI options and no member of the Board of Officers received ABI options. The options have a vesting period of 5 years.
In addition, in 2019, there was a concession of restricted shares issued by ABI in a total of 0.4 million shares with vesting period of
5 years.</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In 2020, certain members of the Board of Directors received
4.2 million in ABI options and certain members of the Board of Officers received 4.5 million in ABI options. The options have a vesting
period of 5 years. In addition, in 2020, restricted shares issued by ABI were granted to certain members of the Board of Officers and
the Board of Directors, in a total of 1.9 million shares with vesting period of 3 and 5 years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In 2021, ABI granted 0.06 million restricted shares to certain
members of the Board of Directors and 0.03 million restricted shares to certain members of the Board of Officers with a vesting period
of 3 and 5 years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">g. <U>existence of any compensation or benefit connected to
the occurrence of a certain corporate event, such as the sale of corporate control of the Company</U>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable once there is no compensation or benefit connected
to the occurrence of any corporate event.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>h. practices and procedures adopted by the Board of Directors
to define the individual compensation of the Board of Directors and Board of Officers, appointing:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>i. the bodies and committees of the issuer that participate
in the decision-making process, identifying the form in which they participate</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following bodies participate in the decision-making process
for the definition of the individual compensation of the Board of Directors and the Board of Officers of the Company: COF and the Board
of Directors. COF is responsible for providing an opinion on the management&#8217;s proposal to be assessed by the Board of Directors
concerning the definition of the compensation policy for the high-performance management and employees of the Company, including their
individual compensation packages, in order to the ensure that the beneficiaries have the proper compensation and incentives to reach an
exceptional and sustainable performance. On the other hand, the Board of Directors is responsible for deciding on the recommendation presented
by COF, as well as defining the criteria for the granting of stock / options, compensation and benefits (indirect benefits, participation
on the results etc.) of the managers and presidents of Company&#8217;s business units, provided that the other decisions regarding the
management of the Stock Plan (such as the definition of grants and concessions to employees in general) shall be COF&#8217;s responsibility.
It should be noted that the members of the Board of Directors and of COF abstain from voting on the definition of their individual compensation,
so as not to participate in the decision-making process, avoiding any possible conflict of interests.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>ii. criteria and methodology used to establish the individual
compensation, appointing if studies were used to verify the market practices and, if yes, the comparison criteria and scope of said studies</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The fixed and variable individual compensation of the members
of the Board of Directors was defined based on a remuneration survey conducted with large public companies and is updated annually based
on the IPCA variation until the Board of Directors deems it necessary to engage at a new compensation survey. All directors receive the
same remuneration, being noted that (i) the directors compensated by the controlling shareholder, including the alternate member, do not
receive any additional fees from the Company; and (ii) the co-chairman of the Board of Directors compensated by the Company has different
compensation due to his unique experience in the sector in which the Company operates, his greatest attributions and his longer time of
dedication.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The fixed and variable individual compensation of the members
of the Board of Officers is defined based on an annual remuneration survey, using the group of companies classified as &#8220;non-durable
consumer goods&#8221; in the comparison. For the definition of fees, the monthly amount paid by the median of the companies involved in
the survey is used as reference. If there is a positive variation of this indicator in relation to the previous year, the reference of
the previous year is updated. After updating the market benchmark for each position level, the fees are set by varying according to meritocracy
criteria, market knowledge and the seniority level of the executive. Without prejudice to the evaluation by COF and by the Board of Directors,
as indicated in item (i) above, the fees of the Board of Officers are analyzed annually by the Company&#8217;s People &amp; Management
area, which may make adjustment recommendations, if deemed necessary. Any recommendations need to be approved by the CEO to be implemented.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>iii. the frequency and method in which the Board of Directors
assesses the adequacy of the compensation policy of the issuer</I></P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white; color: #212121">Annually, COF evaluates
the retention of the Company&#8217;s talents, which includes the analysis of the need to adapt the compensation practices adopted by the
Company. If this Committee deems it necessary, it is proposed to the Board of Directors to adjust these practices. In addition, the goals
of executives, whose achievement is decisive in the determination of the amount to be paid by the Company as variable compensation and
the amount of stock options to be granted are reviewed and validated by the Board of Directors annually.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.2 - Total compensation of the Board of Directors, Board
of Officers and Fiscal Council</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
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    <TD STYLE="white-space: nowrap; width: 31%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Forecast for 2022</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>32.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>28.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Annual Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Salary/fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7,710,111.06&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">22,019,249.16&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,017,453.72&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>31,746,813.93&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Direct and indirect benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Compensation for sitting on Committees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Description of other fixed compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Variable Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Bonus</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Profit sharing</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,200,637.00&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">38,490,063.00&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>42,690,700.00&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Compensation for attending meetings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Commissions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Description of other variable compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Post-Employment Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">915,202.93</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>915,202.93&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Termination Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Share-based compensation, including stock options (i)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,693,463.00&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">39,543,960.00&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>48,237,423.00&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Observation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>20,604,211.06&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>100,968,475.08&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2,017,453.72&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>123,590,139.86&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #D8D8D8">
    <TD STYLE="white-space: nowrap; width: 31%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>31.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8.50</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>27.50</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Annual Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Salary/fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6,646,367.08</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18,752,072.29&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,808,132.40&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>27,206,571.77&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Direct and indirect benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Compensation for sitting on Committees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Description of other fixed compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Variable Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Bonus</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Profit sharing</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,009,391.76&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">33,753,260.99&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>38,762,652.75&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 31%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Compensation for attending meetings</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Commissions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Description of other variable compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Post-Employment Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">779,406.75&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>779,406.75 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Termination Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,347,790.19&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>5,347,790.19&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,587,883.95&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">30,379,868.92&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>38,967,752.87&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Observation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>25,591,432.97&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>83,664,608.96 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,808,132.40&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>111,064,174.33&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #D8D8D8">
    <TD STYLE="white-space: nowrap; width: 31%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11.77 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>6.00 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>30.77 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>8.67 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11.77 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>6.00 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>26.44 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Annual Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Salary/fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,836,630.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,369,213.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,716,643.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>22,922,486.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Direct and indirect benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Compensation for sitting on Committees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,167,326.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,906,535.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">343,329.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>4,417,190.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Description of other fixed compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others: refers to INSS employer&#8217;s contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others: refers to INSS employer&#8217;s contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others: refers to INSS employer&#8217;s contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Variable Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Bonus</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Profit sharing</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Compensation for attending meetings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Commissions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Description of other variable compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Post-Employment Benefits</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">681,636.80</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>681,636.80</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Termination Benefits</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,838,795.76 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">36,816,162.01 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>42,654,957.77 </B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 31%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Observation</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12,842,751.76</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>55,773,546.81</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2,059,972.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>70,676,270.58</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #D8D8D8">
    <TD STYLE="white-space: nowrap; width: 32%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10.92 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;&nbsp;5.67 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>29.59 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;&nbsp;8.00 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10.92 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;&nbsp;5.67 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>24.59 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Annual Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Salary/fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,413,489.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;15,434,648.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,598,250.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;22,446,387.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Direct and indirect benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Compensation for sitting on Committees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,082,698.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,025,520.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">319,650.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>4,427,868.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Description of other fixed compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;Others: refers to INSS employer&#8217;s contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others: refers to INSS employer&#8217;s contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Others: refers to INSS employer&#8217;s contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Variable Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Bonus</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Profit sharing</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;1,122,565.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;6,955,545.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>8,078,110.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Compensation for attending meetings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Commissions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Description of other variable compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Post-Employment Benefits</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">835,527.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;&nbsp;835,527.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Termination Benefits</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;6,706,482.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">34,586,878.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>41,293,360.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Observation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>14,325,234.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>60,838,118.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,917,900.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>77,081,252.00</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The tables above for 2022 and 2021 do not take into account
amounts referring to employer&#8217;s payroll charges, according to the guidance provided for in the Circular-Notice/Annual-2022-CVM/SEP
of the Superintendence of Relations with Companies (<I>Superintend&ecirc;ncia de Rela&ccedil;&atilde;o com Empresas</I> &#8211; <I>SEP</I>)
following the decision of the CVM Collegiate body in the Proceeding No. 19957.007457/2018-10 (guidance which was also provided for in
the Circular-Notice No. 01/2021 of the Superintendence of Relations with Companies (<I>Superintend&ecirc;ncia de Rela&ccedil;&atilde;o
com Empresas</I> - <I>SEP</I>) disclosed in 2021). For comparative purposes, the Company has disclosed such employer&#8217;s payroll charges
in item 13.16 of this <U>Exhibit A.IV</U>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.3 - Variable compensation of the Board of Directors,
the Board of Officers and the Fiscal Council</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Variable compensation &#8211; forecast for 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 38%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>32.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>15.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Bonus </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Profit sharing</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">935,298.17</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7,141,710.97</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>8,077,009.14</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,200,637.39</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">38,490,063.33</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>42,690,700.72</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,084,843.08</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">23,555,116.88</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>26,639,959.96</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Variable compensation &#8211; fiscal year ended on December 31, 2021</B></P></TD></TR>
  <TR>
    <TD STYLE="border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>6.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>31.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>14.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Bonus </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Profit sharing</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">205,070</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,536,645</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,741,715</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,687,313</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">35,380,305</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>40,067,618</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,458,328</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18,420,926</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>20,879,254</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount effectively recognized in the income statement for the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,009,392</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">33,753,261</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>38,762,653</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Variable compensation &#8211; fiscal year ended on December 31, 2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 21%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11.77</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>6.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>30.77</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Bonus </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 21%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount effectively recognized in the income statement for the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Profit sharing</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">210,051</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,525,891</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,735,942</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,761,394</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">42,587,950</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>48,349,344</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,400,581</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17,387,694</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>19,788,275</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount effectively recognized in the income statement for the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Note</U>:</B> The difference between the minimum forecasted
amount and the amount effectively recognized in the income statement for the fiscal year of 2020 is mainly due to the variable component
of the compensation, which is linked to specific performance goals of the Company&#8217;s managers.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>Variable compensation &#8211; fiscal year ended on December 31, 2019</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10.92</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>5.67</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>29.58</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10.92</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11.92</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Bonus</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount effectively recognized in the income statement for the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Profit sharing</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">204,526</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,473,022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,677,548</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,609,855</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">41,089,772</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">46,699,627</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,337,440</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16,834,535</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>19,171,975</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Amount effectively recognized in the income statement for the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,122,565</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6,955,545</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,078,110</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.4 - Share-based compensation plan applicable to the
Board of Directors and Board of Officers</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">a. <U>general terms and conditions:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Option Plan</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Option Plan was approved by the Extraordinary Shareholders&#8217;
Meeting of the Company held on July 30, 2013 and provides for the general conditions applicable to the granting of options, the criteria
to determine its exercise price, its general terms and conditions, and the restrictions on the transfer of shares acquired by its exercise.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Option Plan is managed by the Board of Directors which
grants options establishing the specific terms and conditions applicable to each grant through stock option programs, such as the identification
of the beneficiaries, the options&#8217; exercise price, any restrictions to the acquired shares, the vesting periods and the option exercise
periods and rules applicable to the termination of the beneficiary&#8217;s employment contract, and it may also establish targets related
to the performance of the Company. The Board of Directors may further define specific rules applicable to beneficiaries of the Company
who have been transferred to other countries, including to the Company&#8217;s controlling companies its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the Option Plan, senior employees and management of
the Company or its direct or indirect subsidiaries (beneficiaries) are eligible to receive stock options of the Company or ADRs based
in shares issued by the Company, in the event the beneficiaries do not live in Brazil. Currently, approximately 550 people (including
managers and employees) hold stock options for shares of the Company, taking all the programs of the Option Plan the together.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Share Appreciation Right</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company also received the long-term incentive, approved
by the Board of Directors of Companhia de Bebidas das Am&eacute;ricas &#8211; Ambev on August 26, 2011, granted to some executives identified
as high potential by the Company (and such incentive is denominated &#8220;<U>Share Appreciation Rights</U>&#8221;). Such incentive is
beyond the scope of the Option Plan, since it does not involve settlement by the granting or acquisition of shares. Within the scope of
the Share Appreciation Rights program, each beneficiary will receive two separate lots of Share Appreciation Rights &#8211; (lot A and
lot B), as the case may be, in which each Share Appreciation Right will correspond to a share or ADR, as the case may be, subject to vesting
periods of five and ten years, respectively as of the date of their granting. Once such five or ten-year term has elapsed, as applicable,
the beneficiary who remains at the Company or in any entity of its group will receive in funds immediately available the amount in Brazilian
<I>Reais</I> corresponding to the closing price of shares or ADRs of the Company at B3 or NYSE, respectively, at the trading session immediately
before the end of such vesting periods. The Share Appreciation Rights granted do not concern the delivery, subscription or acquisition
of shares or ADRs, and, therefore, will not ascribe to the beneficiary the condition of shareholder of the Company or to any right or
prerogative as a result of such condition. The benefits ascribed to the granting of Share Appreciation Rights shall be considered as variable
compensation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Stock Plan</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company implemented a Stock Plan, approved by the Extraordinary
Shareholders&#8217; Meeting held on April 29, 2016, amended by the Extraordinary Shareholders&#8217; Meeting held on April 24, 2020, under
which certain employees and members of the management of the Company or its subsidiaries, direct or indirect, are eligible to receive
shares of the Company including in the form of ADRs, in the event of persons living outside Brazil. The shares that are subject to the
Stock Plan are designated &#8220;<U>Restricted Shares</U>&#8221;.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Board of Directors has broad powers of organization and
management of the Stock Plan, in accordance with its general terms and conditions, and must establish the terms and conditions applicable
to each Restricted Shares program (Share-Based Payment Program - &#8220;<U>Stock Programs</U>&#8221;), which, for its turn, sets the terms
and conditions specific to the participants of that program, including the conditions and procedures for transferring the Restricted Shares
and rules applicable in case of termination of the employment contract. In 2021, the Board of Directors delegated to COF the responsibility
for monitoring and approving matters related to the Stock Plan with regard to employees in general, provided that approvals involving
members of the management and/or presidents of Company&#8217;s business units remain under Board of Directors&#8217; sole responsibility.</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Under the Stock Plan, the participants may receive up to 3%
of shares corresponding to the Company&#8217;s capital stock, and the delivery of the Restricted Shares is exempt from financial consideration.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">b. <U>main purposes of the Plan:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The main purposes of the Plan are: (a) to encourage the expansion,
the success and the achievement of Company&#8217;s corporate purposes and the interests of its shareholders, allowing executives and senior
employees to be owners of shares of the Company, in the terms of the Plans, encouraging this way their integration with the Company; and
(b) enabling the Company to obtain and maintain, effectively, the services of its executives and senior employees by offering them the
possibility of becoming shareholders of the Company, in the terms of the Plans.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The purposes of the Share Appreciation Right incentive are
the same described above, aiming at encouraging the alignment of interests for the generation of value in the long term, except for the
fact that there is no delivery of shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">c. <U>how does these plans contribute to these objectives:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The possibility of acquiring or receiving shares issued by
the Company under advantageous conditions provided for in the Plans allows the introduction of considerable incentives for the employees
and management of the Company to commit to create value over the long term, seeking the future appreciation of shares. In addition, it
allows the employees and the managers of the Company to join the interests of the shareholders, the corporate purposes and the growth
plans of the Company, maximizing their results. Also, the adopted model expects to be efficient as a mechanism of retention of the key
employees and managers due to, mainly, the sharing of the appreciation of the Company&#8217;s shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">d. <U>how does the Plan fit into the Company compensation
policy:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Plans and the incentive of the Share Appreciation Rights
promote the direct commitment of the respective beneficiaries or participants, as the case may be, with the performance of the Company
in the medium and long term, once the most substantial portion of asset increase is connected to said performance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In addition, the Option Plan contains elements that encourage
the commitment of beneficiaries by giving them the option to allocate their own funds to purchase shares. Additionally, the Plans and
the Share Appreciation Rights incentive stimulate the continued employment of executives that the Company deems highly strategic to its
business and activities, upon the granting of an attractive variable compensation additional in the long or very long term.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">e. <U>how does the Plan aligns the interests of the management
with those of the Company in the short, medium and long term:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The options granted under the Option Plan provide for mechanisms
that enable lining up the interests of the management in different time horizons. In the short term, the managers participating in the
Option Plan are encouraged to contribute to high earnings of the Company, since, at the end of the respective grace periods, when the
beneficiaries become owners of the shares of the Company, they will also have the right to receive dividends. Regarding the medium and
long term, the models used by the Company to grant stock options allow the allocation of a percentage of the beneficiary&#8217;s share
on the results to the immediate exercise of the options which will give right to shares that will be subject to restrictions on transfer
and delivery contingent upon continued employment of the beneficiary with the Company. For this reason, beneficiaries are expected to
have their interests aligned with expectations of appreciation of the shares of the Company in the medium and long term, once the relevant
shares will be subject to a lock-up, that is, a period during which they cannot be transferred (please refer to item &#8220;l&#8221; below).
In addition, there are granting models in which the options granted to the beneficiaries are subject to a vesting period during which
such shares may not be exercised and, therefore, convertible into shares. Therefore, the granting of options with said characteristics
serves as a powerful incentive to align the interests of employees with those of the management of the Company in the long term, due to
the possibility of expressive gains in the event of appreciation of the stocks of the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the case of the Share Appreciation Rights incentive, grants
are essentially designed to align interests in the long and very long term. Any amounts may only be paid by the Company to the beneficiary
after the applicable vesting period of five or ten years, then encouraging a sustainable value generation over the time, and primarily
encouraging continued employment of executives deemed strategic or of high potential in relation to the Company&#8217;s long-term targets
for a term of five to ten years (depending on the program).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The same logic is applicable to the Stock Plan, programs of
which the participants only receive the shares after long vesting periods and, further, conditioned to the continuance of the participant
in the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">f. <U>maximum number of shares covered:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Option Plan does not provide for a maximum number of options
potentially covered by the plan. Nevertheless, the Stock Plan provides for that the global amount of shares to be granted to employees
and managers of the Company is up to 3.0% of shares representing the Company&#8217;s capital stock.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On December 31, 2021, the maximum number of shares covered
by options not yet exercised, in relation to the members of the Board of Officers and the Board of Directors, totaled <FONT STYLE="text-underline-style: double"><B><U>13,246,489</U></B></FONT>
common shares issued by the Company, already including the effects of the dilution resulting from the exercise of all options under all
programs within the scope of the outstanding Option Plan.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">g. <U>maximum number of options to be granted:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Option Plan does not provide the maximum number of options
potentially covered by the plan, it being incumbent upon the Board of Directors to establish the options upon the approval of each program.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Considering that each option ensures to the beneficiary the
right to acquire a common share of the Company, the quantity of granted options is connected to the dilution limit described in the second
paragraph of item &#8220;f&#8221; above&#8221;. On December 31, 2021, this amount corresponds, in relation to the members of the Board
of Directors and Board of Officers, to <FONT STYLE="text-underline-style: double"><B><U>13,246,489</U></B></FONT> options within the scope
of all programs in the Option Plan.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">This item does not apply to the Stock Plan and the Share Appreciation
Rights incentive.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">h. <U>conditions to acquire shares:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the Company&#8217;s programs named Programs 2015.1, 2015.2,
2015.3, 2016.1, 2016.2, 2016.3, 2017.1, 2017.2, 2017.4, 2018.1, 2018.2, 2018.4, 2019.1, 2019.2, 2019.4, 2019.5, 2020.1, 2021.1 and 2022.1,
all within the Scope of the Option Plan, two types of grant were awarded, as follows: (i) in one type of grant, the exercise price of
the options must be paid on demand on the grant date (or within five business days), although a substantial part of the shares acquired,
after the exercise, will be subject to a lock-up period of two to ten years (depending on the program) as of the exercise date; and (ii)
in the other type of grant, a beneficiary may only exercise his/her options after a vesting period of five years, upon payment of exercise
price on demand, in consideration for the delivery of shares. Under this new model the exercise of options is not conditioned to meeting
the Company&#8217;s performance targets.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Share Appreciation Rights incentive does not involve exactly
the acquisition of shares. The cash payment by the Company to the beneficiary of the amounts determined based on market prices of shares
or ADRs issued by the Company is subject to continued employment with the Company for a term of five years for lot A and ten years for
lot B, and it is not contingent upon the Company meeting performance targets.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the Programs 2018.1, 2018.3, 2018.4, 2019.1, 2019.3, 2019.6,
2020.1, 2020.3A, 2020.3B, 2020.5, 2020.8, 2021.2, 2021.7, 2021.9 and 2021.12, within the scope of the Stock Plan, the granting was made
free of charges and the shares will only be transferred to the participants after the vesting period of three or five years, as the case
may be, and provided that the participant maintains the employment/statutory bond with the Company until the end of said term. There is
no binding of the participants to the reaching of the Company&#8217;s performance goals.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">i. <U>criteria to set the acquisition or exercise price:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The price of the exercise of the shares arising from the Programs
2015.1, 2015.2, 2015.3, 2016.1, 2016.2, 2016.3, 2017.1, 2017.2, 2017.4, 2018.1, 2018.2, 2018.4, 2019.1, 2019.2, 2019.4, 2019.5, 2020.1,
2021.1 and 2022.1, all in the scope of the Option Plan, corresponds to the closing price of the Company&#8217;s stocks traded at B3 on
the trading session immediately before the grant date, traded at B3, and a discount may be applied depending on the program.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Share Appreciation Rights incentive does not involve the
acquisition of shares, but rather the payment of a cash amount by the Company to the beneficiary. Such amount is determined at the end
of the vesting period applicable to each lot, based on the closing price of Company&#8217;s shares or ADRs on the trading session of B3
or NYSE, as applicable, immediately before the date of payment. Each Share Appreciation Right shall correspond to the right related to
one share or ADR, as applicable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the Programs 2018.1, 2018.3, 2018.4, 2019.1, 2019.3, 2019.6,
2020.1, 2020.3A, 2020.3B, 2020.5, 2020.8, 2021.2, 2021.7, 2021.9 and 2021.12, within the scope of the Stock Plan, the granting of shares
shall be made free of charge to the participants, under the terms of the Stock Plan and of the relevant program.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">j. <U>criteria to set the final term for exercise:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Within the scope of the Option Plan, according to the Programs
2015.1, 2015.2, 2015.3, 2016.1, 2016.2, 2016.3, 2017.1, 2017.2, 2017.4, 2018.1, 2018.4, 2019.1 and 2019.5, the lots may only be exercised
(i) in full upon the execution of the option grant agreement by the beneficiary; or (ii) in a period of five years after the verification
of the vesting period of the relevant options. The programs 2018.2, 2019.2, 2019.4, 2020.1, 2021.1 and 2022.1 have single lots that may
be exercised, in total or in part, within 45 days from the granting date. The criteria used in the establishment of said terms takes into
account the short, medium and long-term goals of this incentive form.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">With regard to the Share Appreciation Rights, lot A provides
for a term of five years to receive the relevant amounts, while in the case of lot B, there is a term of ten years. The main purpose of
grace periods is to retain executives deemed of high potential and strategic for the business and activities of the Company, encouraging
their continued employment with the Company in view of the possibility of receiving, in the long term, potentially attractive amounts
linked to the value of shares issued by the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Within the scope of the Stock Plan, according to the Programs
2018.1, 2018.3, 2018.4, 2019.1, 2019.3, 2019.6, 2020.1, 2020.3A, 2020.3B, 2020.5, 2020.8, 2021.2, 2021.7, 2021.9 and 2021.12 the delivery
of Restricted Shares will be made after the vesting period of three to five years, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">k. <U>form of settlement:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the case of the Option Plan, the Company may use treasury
stocks to satisfy the exercise of options, and may, when applicable, use ADRs backed by shares issued by the Company. The Company may
also issue new shares, upon an increase in capital stock, upon a resolution of the Board of Directors within the limits of authorized
capital. The rule is that the exercise price must be paid on demand upon the exercise of the options within a period of up to five days
as of their exercise date, depending on the program.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Share Appreciation Rights do neither involve the effective
delivery of shares, nor the payment of any amount by the beneficiary. They are settled upon the payment of the cash benefit by the Company
directly to the beneficiary, immediately after the end of the relevant grace period.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Within the scope of the Stock Plan, according to the Programs
2018.1, 2018.3, 2018.4, 2019.1, 2019.3, 2019.6, 2020.1, 2020.3A, 2020.3B, 2020.5, 2020.8 and 2021.2, the Restricted Shares shall be delivered
by the Company to the respective participant after the vesting period of three to five years, as the case may be. For purposes of the
Stock Plan, the Company shall use existing shares held in treasury.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">l. <U>restrictions to the transfer of shares:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the Programs 2015.1, 2015.2, 2015.3, 2016.1, 2016.2, 2016.3,
2017.1, 2017.2, 2017.4, 2018.1, 2018.2, 2018.4, 2019.1, 2019.2, 2019.4, 2019.5, 2020.1, 2021.1 and 2022.1, under terms of the Option Plan,
the shares resulting from the option exercise may (i) be free and clear and may be transferred at any time, respected the preemptive right
of the Company; or (ii) be subject to a lock-up of, at least, five years as of the date of the option exercise, depending on the program.</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Share Appreciation Rights incentive by the Company does not
involve the l delivery of shares. Therefore, there is nothing to say about any restriction to the transfer of shares. Please note, however,
that the receipt of the amounts under the share appreciation rights program is subject to the grace periods described in sub-item &#8220;h&#8221;
above.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Within the scope of the Stock Plan, according to the Programs
2018.1, 2018.3, 2018.4, 2019.1, 2019.3, 2019.6, 2020.1, 2020.3A, 2020.3B, 2020.5, 2020.8, 2021.2, 2021.7, 2021.9 and 2021.12, the delivered
shares will be free and clear, and may be transferred at any time, respected the preemptive right of the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">m. <U>criteria and event that, once verified, will result
in the suspension, amendment or termination of the Plan:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Plans may be amended or terminated by the Board of Directors,
pursuant to the terms under said Plans. Regardless of the authority of the Board of Directors, no decision may change the rights and obligations
of the Company or beneficiaries or participants in force. In addition, in case of dissolution, transformation, merger, consolidation,
spin-off or reorganization of the Company, the existing options will be subject to the rules established by the Board of Directors on
this matter.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">n. <U>effects of withdrawal of a manager from the bodies of
the Company on the rights provided under share-based compensation plan:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Pursuant to the Plans, the Board of Directors or a committee,
as the case may be, shall establish, in each Program, the rules applicable to the cases of severance of Company&#8217;s beneficiaries
and participants due to the termination of the employment agreement, end of term of office, dismissal or resignation from executive office,
as well as to the cases of retirement, permanent disability or death of participants.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Programs (Option Plan)</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>- Programs 2015.1, 2015.2, 2015.3, 2016.2, 2016.3, 2017.1,
2017.4, 2018.1, 2018.4, 2019.1 and 2019.5</U>:</I> For these programs, in the event of termination of the beneficiary&#8217;s employment
contract, the following rules shall apply, as per each described event, namely: (i) in the event of termination for cause or similar reason,
renouncement or resignation or leave without pay for a period exceeding 24 months, any options not qualified to be exercised will lapse
and any options already qualified to be exercised may be so within 90 days as of the severance date, after which they will be canceled;
(ii) in the event of dismissal without cause or severance resulting from outsourced services, sale of affiliate company or business unit
of the Company, any options not qualified to be exercised will lapse and any options already qualified to be exercised may be so within
180 days as of the severance date, after which they will be canceled; (iii) in the event of severance after a beneficiary has cumulatively
achieved 70 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), any options qualified
to be exercised may be so, while in relation to any options not qualified to be exercised, in case severance has occurred within 24 months
after the option grant, the beneficiary may only exercise his/her options on a pro rata basis if he/she has participated, upon destination
of his/her variable net compensation, of other Option Programs that he/she has participated as beneficiary, conditioned to the execution
of a non-compete agreement and, in case severance has occurred after 24 months, the beneficiary may exercise his/her options on a pro
rata basis also conditioned to the execution of the above-mentioned non-compete agreement; (iv) in the event of severance after a beneficiary
has cumulatively achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), any
options qualified to be exercised may be so within their respective terms, provided that he/she executes the above-mentioned non-compete
agreement if this is so resolved by the Board of Directors of the Company; and (v) in case of death or permanent disability, any options
already qualified to be exercised may be so within their respective terms, and any options not yet qualified to be exercised may nevertheless
be so immediately, provided, however, that the Board of Directors of the Company may, in case of permanent disability, condition such
exercise to the execution of a non-compete agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>- <U>Programs 2015.1, 2016.1, and 2017.2</U>:</I> For these
programs, in the event the employment agreement or term of office of the beneficiary terminates during the vesting period, for any reason,
except for the cases set forth below, the beneficiary will lose the right to receive said shares. In the event of termination of the employment
contract or term of office after 24 months as of grant date, for any reason other than (a) for</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">cause, renouncement or resignation, or (b) the events provided
below: (i) the beneficiary shall be entitled to receive, always on a pro rata basis to the number of calendar months completed during
which he/she has remained performing his/her functions to the Company, its subsidiaries, controlling companies and affiliates as of the
date the options were granted, the shares assigned to him/her until the termination of his/her functions to the Company, its subsidiaries,
controlling companies and affiliates, provided that the Board of Directors may resolve that such receipt is contingent upon the execution
and performance by the beneficiary of a non-compete agreement with the Company according to the terms and conditions established by the
Board of Directors; and (ii) the restrictions to the transfer of shares provided for in the program shall remain in force. In the event
of severance after a beneficiary has cumulatively achieved seventy (70) years (i.e. sum of his/her age and the duration of his/her service
with the Company at severance date), any options qualified to be exercised may be so, while in relation to any options not qualified to
be exercised: (i) in case severance has occurred within 24 months after the option grant, the beneficiary will lose his/her right to receive
the shares, except if the beneficiary shall have allocated 100% of his bonus to full exercise of options in the last five years (or in
such shorter period in which he/she has become eligible to participate in the Company&#8217;s Programs), in which case the beneficiary
shall be entitled to receive, always on a pro rata basis to the number of calendar months completed during which he/she has remained in
his/her office at the Company, its subsidiaries, controlling companies and affiliates, as of the grant date, the shares assigned to him/her
until the date of termination of his/her employment with the Company, its subsidiaries, controlling companies and affiliates, provided
that the Board of Directors may determine that receipt thereof shall be contingent upon the execution and performance, by the beneficiary,
of a non-compete agreement with the Company; and (ii) if the severance occurred after 24 months after the granting of options, the beneficiary
shall be entitled to receive, at all times proportional to the number of complete civil months which he/she remained in the performance
of his/her duties to the Company, or to its controlled or controlling companies and affiliates, since the stock granting date, the shares
that were attributed to him/her until the termination of their duties to the Company or to its controlling or controlled companies and
affiliates, it being certain that the Board of Directors may establish that the receipt is conditioned to the execution of and compliance
with the non-compete agreement with the Company by the beneficiary.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event of severance after a beneficiary has cumulatively
achieved 80 years (i.e., sum of his/her age and the duration of his/her service with the Company at severance date), he/she shall be entitled
to receive the shares after complying with the vesting period provided for in the program. In this case, restrictions on the transfer
of shares under the program shall remain force.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In case of death or permanent disability of the beneficiary
&#8211; in the latter case, contingent upon the execution and performance, by the beneficiary, of a non-compete agreement with the Company
according to the terms and conditions established by the Board of Directors &#8211; he/she or his/her heirs or successors, as applicable,
shall be entitled to immediately receive the shares resulting from the options granted, as well as the shares already assigned in the
period, all of them free and clear.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>- Programs 2018.2, 2019.2, 2019.4, 2020.1, 2021.1 and
2022.1:</U> For such programs</I>, in the event the employment agreement or term of office of the beneficiary terminates (a) after the
exercise date, for any reason, the beneficiary will remain entitled to the shares acquired under the program, as well as those acquired
due to bonus, split, subscription or other acquisition form related to said shares or (b) prior to the exercise date, the beneficiary
will lose right to the exercise of the options.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Share Appreciation Rights</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>In relation to lot A:</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the events of (i) dismissal for cause or similar reason;
(ii) leave without pay for a period exceeding 24 months; (iii) renouncement or resignation; (iv) dismissal without cause; (v) severance
resulting from outsourced services, sale of subsidiary, affiliate company or business unit of the Company; and (vi) severance after a
beneficiary has cumulatively achieved 70 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance
date), the Share Appreciation Rights will be canceled and terminated by operation of law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the events of (i) severance after a beneficiary has cumulatively
achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date); and (ii) permanent
disability, the Share Appreciation Rights granted during the period starting on their grant date and ending on the severance date shall
remain valid and their settlement shall comply with the vesting periods provided for in the</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">relevant agreement, provided that receipt of the corresponding
bonus shall be contingent upon the beneficiary executing and performing a non-compete agreement with the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event of death of the beneficiary, the Share Appreciation
Rights shall be settled on a pro rata basis according to a formula calculated based on the number of calendar months completed during
the effectiveness of his/her employment contract with the Company and the beneficiary or, as applicable, his/her term of office as manager
of the Company since the grant date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>In relation to lot B: </U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the events of (i) dismissal for cause or similar reason;
(ii) leave without pay for a period exceeding twenty-four (24) months; and (iii) renouncement or resignation, the Share Appreciation Rights
shall be canceled and terminated by operation of law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the events of (i) dismissal without cause; (ii) severance
resulting from outsourced services, sale of subsidiary, affiliate company or business unit of the Company; and (iii) severance after a
beneficiary has cumulatively achieved 70 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance
date), the following rules shall apply: (a) <U>severance before the 5-year vesting period</U>: - the Share Appreciation Rights shall be
canceled and terminated by operation of law; and (b) <U>severance between five and ten years of grant date anniversary</U>: - the Share
Appreciation Rights shall be settled on a pro rata bass according to a formula calculated based on the number of calendar months completed
during the effectiveness of his/her employment contract with the Company and the beneficiary or, as applicable, his/her term of office
as manager of the Company since the grant date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the events of (i) severance after a beneficiary has cumulatively
achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date); and (ii) permanent
disability, the Share Appreciation Rights granted during the period starting on the grant date and ending on severance date shall remain
valid and their settlement shall comply with the vesting periods provided for in the relevant agreement, provided that receipt of the
corresponding bonus shall be contingent upon the beneficiary executing and performing a non-compete agreement with the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event of death of the beneficiary, the Share Appreciation
Rights shall be settled on a pro rata basis according to a formula calculated based on the number of calendar months completed during
the effectiveness of his/her employment contract with the Company and the beneficiary or, as applicable, his/her term of office as manager
of the Company since the grant date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Program (Stock Plan)</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>- Program 2018.1, 2019.1, 2019.3 and 2020.1:</U></I>
For such programs, in the event the employment agreement or term of office of the participant terminates during the vesting period, for
any reason, except for the events described below, the participant will lose the right to receive said shares. In the event of termination
of the employment contract or term of office of the participant after 24 months as of grant date of the Restricted Shares, for any reason
other than (a) termination for cause or similar reason, renouncement or resignation or leave without pay for a period exceeding 24 months,
or (b) the events provided below: (i) the participant shall be entitled to receive the corresponding shares, on a pro rata basis corresponding
to the result of Restricted Shares owned by the participant on the severance date, multiplied by the complete civil months of employment
or office by the period between the grant date and the relevant termination of the relation with the Company (which will always be inferior
to 60 months), divided by 60, it being certain that the Board of Directors may establish that the receipt be conditioned to the execution
and compliance with a non-compete agreement, by the participant, with the Company, under the terms established by the Board of Directors;
and (ii) the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event of severance after a participant has cumulatively
achieved 70 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), except for the events
of dismissal for cause, in relation to the Restricted Shares that are not yet free to be delivered to the participant: (i) if the severance
occurred 24 months after the stock grant date and the participant has participated, upon the destination of its net variable compensation
(that is, total amount of the annual gratification, bonus or participation on the results, net of income tax and other levied charges),
of all stock option programs of the Company approved by the Board of Directors of the Company in which his/her name appeared in the list
of beneficiaries in the 5 years immediately prior to the severance date (or, in the event the participant has</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">become eligible to participate in such programs less than five
years from the severance date, as many years as the years the participant has become eligible), the participant shall be entitled to receive
the Restricted Shares, under the terms of the program, on a pro rata basis corresponding to the result of Restricted Shares owned by the
participant on the severance date, multiplied by the complete civil months of employment or office by the period between the grant date
and the relevant termination of the relation with the Company (which will always be inferior to 60 months), divided by 60, it being certain
that the Board of Directors may establish that the receipt be conditioned to the execution and compliance with a non-compete agreement,
by the participant, with the Company, under the terms established by the Board of Directors; and (ii) if the severance occurs after 24
months subsequent to the grant date of shares, the participant shall be entitled to receive the Restricted Shares, under the terms of
the program, on a pro rata basis corresponding to the result of Restricted Shares owned by the participant on the severance date, multiplied
by the complete civil months of employment or office by the period between the grant date and the relevant termination of the relation
with the Company (which will always be inferior to 60 months), divided by 60, it being certain that the receipt shall be conditioned to
the execution and compliance with a non-compete agreement, by the participant, with the Company, under the terms established by the Board
of Directors. In both cases, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event of severance after a participant has cumulatively
achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), except for the events
of dismissal for cause, the participant will receive the Restricted Shares that are not yet free to delivery, it being certain that the
receipt shall be conditioned to the execution and compliance with a non-compete agreement, by the participant, with the Company. In this
case, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In case of death or permanent disability, the participant
(or his heirs or successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it
being certain that in the event of permanent disability, the receipt shall be conditioned to the execution and compliance with a non-compete
agreement, by the participant, with the Company. In case of death, all shares will be free and clear for sale at any moment. In case of
permanent disability, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I><U>- </U></I></B><I><U>Program 2018.3:</U></I> For this
program, in the event the employment agreement or term of office of the participant terminates during the vesting period, for any reason,
the participant will lose the right to receive said Restricted Shares, except for the events provided for as follows: In the event of
severance by direct termination without case, in relation to the Restricted Shares that are not yet free to be delivered to the participant:
(1) if (a) the severance has occurred before 24 months after granting, and (b) the participant has participated, through the allocation
of part or all of its net variable remuneration (i.e., annual gratification, bonus or participation on the results, net of income tax
and other levied charges) of all the Company&#8217;s stock option programs approved by the Company&#8217;s Board of Directors in which
its name has been included in the list of beneficiaries in the 5 years immediately prior to its severance (or if the participant has become
eligible to participate in such programs for less than 5 years, as many years as the years the participant has become eligible), the participant
will receive Restricted Shares <I>pro rata</I> equivalent to the result of the Restricted Shares held by the participant on the date of
severance multiplied by the complete civil months of employment or office by the period between the grant date and the relevant termination
of the relation with the Company (which will always be inferior to 60 months), divided by 60, it being certain that the Board of Directors
may establish that the receipt be conditioned to the execution and compliance with a non-compete agreement, by the participant, with the
Company, under the terms established by the Board of Directors, and (2) if the severance occurred 24 months after the stock grant date,
the participant will receive the Restricted Shares on a <I>pro rata</I> basis corresponding to the result of Restricted Shares owned by
the participant on the severance date, multiplied by the complete civil months of employment or term of office by the period between the
grant date and the relevant termination of the relation with the Company (which will always be inferior to 60 months), divided by 60,
it being certain that the receipt will be conditioned to the execution and compliance with a non-compete agreement, by the participant
with the Company, under the terms established by the Board of Directors. In both cases, the restriction on the sale of shares, set forth
in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In case of death or permanent disability, the participant
(or his heirs or successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it
being certain that in the event of permanent disability, the receipt shall be conditioned to the execution and compliance with a non-compete
agreement, by the participant with the Company. In case of death, all shares will be free and clear</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">for sale at any moment. In case of permanent disability, the
restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I><U>- </U></I></B><I><U>Program 2018.4:</U></I> For this
program, in the event the employment agreement or term of office of the participant terminates during the vesting period, for any reason,
the participant will lose the right to receive said Restricted Shares, except for the events provided for as follows: (i) severance (1)
by direct termination without case, or (2) after a participant has cumulatively achieved 70 years (i.e. sum of his/her age and the duration
of his/her service with the Company at severance date): except for the events of dismissal for cause, in relation to the Restricted Shares
that are not yet free to be delivered to the participant: (i) if (a) the severance occurred within 24 months after the granting and (b)
the participant has participated, upon the destination of part or all its net variable compensation (i.e., annual gratification, bonus
or participation on the results, net of income tax and other levied charges), of all stock option programs of the Company approved by
the Board of Directors of the Company in which his/her name appeared in the list of beneficiaries in the 5 years immediately prior to
the severance date (or, in the event the participant has become eligible to participate in such programs in less than five years from
the severance date, as many years as the years the participant has become eligible), the participant shall receive the Restricted Shares
on a pro rata basis corresponding to the result of Restricted Shares owned by the participant on the severance date, multiplied by the
number of complete civil months of employment or term of office by the period between the grant date and the relevant termination of the
relation with the Company (which will always be less than 60 months), divided by 60, it being certain that the receipt will be conditioned
to the execution and compliance of a non-compete agreement by the participant with the Company, under the terms established by the Board
of Directors; and (ii) if the severance has occurred after 24 months from the shares grant date, the participant shall receive the Restricted
Shares on a pro rata basis corresponding to the result of Restricted Shares owned by the participant on the severance date, multiplied
by the number of complete civil months of employment or term of office by the period between the grant date and the relevant termination
of the relationship with the Company (which will always be less than 60 months), divided by 60, it being certain that the receipt shall
be conditioned to the execution and compliance with a non-compete agreement by the participant with the Company, under the terms established
by the Board of Directors. In both cases, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event of severance after a participant has cumulatively
achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), except for the events
of dismissal for cause, the participant will receive the Restricted Shares that are not yet free to delivery, it being certain that that
the receipt shall be conditioned to the execution and compliance with a non-compete agreement, by the participant with the Company. In
this case, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In case of death or permanent disability, the participant
(or his heirs or successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it
being certain that in the event of permanent disability, the receipt shall be conditioned to the execution and compliance with a non-compete
agreement, by the participant with the Company. In case of death, all shares will be free and clear for sale at any moment. In case of
permanent disability, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>- Program 2019.6:</U></I> For this program, in the event
the employment agreement or term of office of the participant terminates during the vesting period, for any reason, the participant will
lose the right to receive said Restricted Shares, except for the events provided for as follows: In the case of (i) severance by direct
termination without cause, in relation to the Restricted Shares that are not yet free to be delivered to the participant: (1) if (a) the
severance occurred within 24 months after the granting and (b) the participant has participated, upon the destination of part or all its
net variable compensation (i.e., annual gratification, bonus or profit sharing, net of income tax and other levied charges), of all stock
option programs of the Company approved by the Board of Directors of the Company in which his/her name appeared in the list of beneficiaries
in the 5 years immediately prior to the severance date (or, in the event the participant has become eligible to participate in such programs
less than five years from the severance date, as many years as the years the participant has become eligible), the participant shall receive
the Restricted Shares on a pro rata basis corresponding to the result of Restricted Shares owned by the participant on the severance date,
multiplied by the complete civil months of employment or term of office by the period between the grant date and the relevant termination
of the relation with the Company (which will always be inferior to 60 months), divided by 60, it being certain that the Board of Directors
may establish that the receipt be conditioned to the execution and compliance with a non-compete agreement, by the participant, with the</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Company, under the terms established by the Board of Directors;
and (2) if the severance occurs after 24 months subsequent to the grant date of shares, the participant shall be entitled to receive the
Restricted Shares and the additional shares, under the terms of the program, on a pro rata basis corresponding to the result of Restricted
Shares and additional shares owned by the participant on the severance date, multiplied by the complete civil months of employment or
office by the period between the grant date and the relevant termination of the relation with the Company (which will always be inferior
to 60 months), divided by 60, it being certain that the receipt shall be conditioned to the execution and compliance with a non-compete
agreement, by the participant with the Company, under the terms established by the Board of Directors. In both cases, the restriction
on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In case of death, the participant (or his heirs or successors)
will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it being certain that in the event
of permanent disability, the receipt shall be conditioned to the lapse of the grace period and to the execution and compliance with a
non-compete agreement, by the participant with the Company. In case of death, all shares will be free and clear for sale at any moment.
In case of permanent disability, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I><U>- </U></I></B><I><U>Programs 2020.3A, 2020.8, 2021.7
and 2021.12:</U></I> For these programs, in the event the employment agreement or term of office of the participant terminates during
the vesting period, for any reason, the participant will lose the right to receive said Restricted Shares, except in the following events:
severance after a participant has cumulatively achieved 70 years (i.e., sum of his/her age and the duration of his/her service to the
Company at severance date): except for the events of dismissal for cause, in relation to the Restricted Shares that are not yet free to
be delivered to the participant: (i) if (a) the severance has occurred within 24 months after the grant, and (b) the participant has participated,
upon the destination of part or all of its net variable compensation (i.e., annual gratification, bonus or participation on the results,
net of income tax and other levied charges), of all stock option programs of the Company approved by the Board of Directors of the Company
in which his/her name appeared in the list of beneficiaries in the 5 years immediately prior to the severance date (or, in the event the
participant has become eligible to participate in such programs with less than five years from the severance date, as many years as the
years the participant has become eligible), the participant shall receive the Restricted Shares on a pro rata basis corresponding to the
result of Restricted Shares &#8220;A&#8221; owned by the participant on the severance date, multiplied by the number of complete civil
months of employment or term of office by the period between the grant date and the relevant termination of the relationship with the
Company (which will always be less than 60 months), divided by 36, it being certain that the receipt be conditioned to the execution and
compliance with a non-compete agreement by the participant with the Company, under the terms established by the Board of Directors; and
(ii) if the severance occurs after 24 months subsequent to the shares&#8217; grant date, the participant shall be entitled to receive
the Restricted Shares, on a pro rata basis corresponding to the result of Restricted Shares &#8220;B&#8221; owned by the participant on
the severance date, multiplied by the number of complete civil months of employment or term of office by the period between the grant
date and the relevant termination of the relationship with the Company (which will always be less than 60 months), divided by 60, it being
certain that the receipt shall be conditioned to the execution and compliance with a non-compete agreement by the participant, with the
Company, under the terms established by the Board of Directors. In both cases, the restriction on the sale of shares, set forth in the
program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event of severance after a participant has cumulatively
achieved 80 years (i.e., sum of his/her age and the duration of his/her service to the Company at severance date), except for the events
of dismissal for cause, the participant will receive the Restricted Shares that are not yet free to delivery, it being certain that the
receipt shall be conditioned to the execution and compliance with a non-compete agreement by the participant, with the Company. In this
case, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In case of death: the participant (or his heirs or successors)
will immediately receive the Restricted Shares that are not yet free to be delivered under the program and all shares will be free and
clear for sale at any moment. In case of permanent disability: the receipt shall be conditioned to the execution and compliance with a
non-compete agreement by the participant with the Company and the restriction on the sale of shares, set forth in the program, will remain
in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I><U>- </U></I></B><I><U>Programs 2020.3B and 2021.9:</U></I>
For these programs, in the event the employment agreement or term of office of the participant terminates during the vesting period, for
any reason, the participant will lose the right to receive said Restricted Shares, except in the following events: (i) severance after
a participant has</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">cumulatively achieved 70 years (i.e. sum of his/her age and the
duration of his/her service with the Company at severance date): except for the events of dismissal for cause, in relation to the Restricted
Shares that are not yet free to be delivered to the participant: (i) if (a) the severance occurred within 24 months after the grant and
(b) the participant has participated, upon the destination of part or all its net variable compensation (i.e., annual gratification, bonus
or participation on the results, net of income tax and other levied charges), of all stock option programs of the Company approved by
the Board of Directors of the Company in which his/her name appeared in the list of beneficiaries in the 5 years immediately prior to
the severance date (or, in the event the participant has become eligible to participate in such programs with less than five years from
the severance date, as many years as the years the participant has become eligible), the participant shall receive the Restricted Shares
on a pro rata basis corresponding to the result of Restricted Shares owned by the participant on the severance date, multiplied by the
number of complete civil months of employment or term of office by the period between the grant date and the relevant termination of the
relationship with the Company (which will always be less than 60 months), divided by 60, it being certain that the receipt will be conditioned
to the execution and compliance with a non-compete agreement by the participant with the Company, under the terms established by the Board
of Directors; and (ii) if the severance occurs after 24 months subsequent to the grant date of shares, the participant shall be entitled
to receive the Restricted Shares on a pro rata basis corresponding to the result of Restricted Shares owned by the participant on the
severance date, multiplied by the number of complete civil months of employment or term of office by the period between the grant date
and the relevant termination of the relationship with the Company (which will always be less than 60 months), divided by 60, it being
certain that the receipt shall be conditioned to the execution and compliance with a non-compete agreement by the participant with the
Company, under the terms established by the Board of Directors. In both cases, the restriction on the sale of shares, set forth in the
program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event of severance after a participant has cumulatively
achieved 80 years (i.e., sum of his/her age and the duration of his/her service with the Company at severance date), except for the events
of dismissal for cause, the participant will receive the Restricted Shares that are not yet free to delivery, it being certain that that
the receipt shall be conditioned to the execution and compliance with a non-compete agreement by the participant with the Company. In
this case, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In case of death, the participant (or his heirs or successors)
will immediately receive the Restricted Shares that are not yet free to be delivered under the program and all shares will be free and
clear for sale at any moment. In case of permanent disability, the receipt shall be conditioned to the execution and compliance with a
non-compete agreement by the participant with the Company and the restriction on the sale of shares, set forth in the program, will remain
in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>- Program 2020.5:</U></I> For this program, in the event
the employment agreement or term of office of the participant terminates during the vesting period, for any reason, the participant will
lose the right to receive said Restricted Shares, except in the case of death, in which the participant (or his heirs or successors) will
immediately receive the Restricted Shares that are not yet free to be delivered under the program and all shares will be free and clear
for sale at any moment. In case of permanent disability, the receipt shall be conditioned to the execution and compliance with a non-compete
agreement by the participant with the Company and the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>- Programs 2021.2 and 2022.1:</U></I> For such programs,
in the event the employment agreement or term of office of the participant terminates during the vesting period, for any reason, except
for the events described below, the participant will lose the right to receive said shares. In the event of severance after a participant
has cumulatively achieved 70 years (i.e., sum of his/her age and the duration of his/her service to the Company at severance date): except
for the events of dismissal for cause, in relation to the Restricted Shares that are not yet free to be delivered to the participant:
(i) if (a) the severance has occurred within 24 months after the grant, and (b) the participant has participated, upon the destination
of part or all of its net variable compensation (i.e., annual gratification, bonus or participation on the results, net of income tax
and other levied charges), of all stock option programs of the Company approved by the Board of Directors of the Company in which his/her
name appeared in the list of beneficiaries in the 5 years immediately prior to the severance date (or, in the event the participant has
become eligible to participate in such programs with less than five years from the severance date, as many years as the years the participant
has become eligible), the participant shall receive the Restricted Shares on a pro rata basis corresponding to the result of Restricted
Shares &#8220;A&#8221; owned by the participant on the severance date, multiplied by the number of complete civil months of employment
or term of office by the period between the grant date and the relevant termination</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">of the relationship with the Company (which will always be less
than 60 months), divided by 36, it being certain that the receipt be conditioned to the execution and compliance with a non-compete agreement
by the participant with the Company, under the terms established by the Board of Directors; and (ii) if the severance occurs after 24
months subsequent to the shares&#8217; grant date, the participant shall be entitled to receive the Restricted Shares, on a pro rata basis
corresponding to the result of Restricted Shares &#8220;B&#8221; owned by the participant on the severance date, multiplied by the number
of complete civil months of employment or term of office by the period between the grant date and the relevant termination of the relationship
with the Company (which will always be less than 60 months), divided by 60, it being certain that the receipt shall be conditioned to
the execution and compliance with a non-compete agreement by the participant, with the Company, under the terms established by the Board
of Directors. In both cases, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event of termination of the employment contract or
term of office of the participant after 24 months as of grant date of the Restricted Shares, for any reason other than (a) termination
for renouncement or resignation, for cause or similar reason, or (b) the events provided above, the participant shall be entitled to receive
the corresponding shares, on a pro rata basis corresponding to the result of Restricted Shares &#8220;A&#8221; and/or Restricted Shares
&#8220;B&#8221; owned by the participant on the severance date, multiplied by the same formula set forth above for the hypothesis of severance
after the cumulatively achievement of 70 years by the participant (i.e. number of completed civil months on the job or in office multiplied
by the period between the grant date and the relevant termination of the relationship with the Company, divided by 36 or 60, as applicable),
it being certain that the receipt shall be conditioned to the execution and compliance with a non-compete agreement by the participant,
with the Company, under the terms established by the Board of Directors and that the restriction on the sale of shares, set forth in the
program, will remain in effect in both cases.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the event of severance after a participant has cumulatively
achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), except for the events
of dismissal for cause, the participant will receive the Restricted Shares that are not yet free to delivery, it being certain that the
receipt shall be conditioned to the execution and compliance with a non-compete agreement, by the participant, with the Company. In this
case, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In case of death or permanent disability, the participant
(or his heirs or successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it
being certain that in the event of permanent disability, the receipt shall be conditioned to the execution and compliance with a non-compete
agreement, by the participant, with the Company. In case of death, all shares will be free and clear for sale at any moment. In case of
permanent disability, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.5 - Share-based compensation</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Share-based compensation estimated for the current fiscal
year 12/31/2022 (*)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 62%; border: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">14.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(a) Options outstanding in the beginning of fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.80</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.01</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(b) Options lost during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">N/A</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(c) Options exercised during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">N/A</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(d) Options expired during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">N/A</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><B>Potential dilution upon exercise of all options granted</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0303%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0486%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Share-based compensation &#8211; fiscal year ended on 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 62%; border: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(a) Options outstanding in the beginning of fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.26</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.75</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(b) Options lost during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">0.00</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(c) Options exercised during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">11.97</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">11.97</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(d) Options expired during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">11.97</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><B>Potential dilution upon exercise of all options granted</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0329%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.0512%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Share-based compensation &#8211; fiscal year ended on 12/31/2020</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 62%; border: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11.77</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(a) Options outstanding in the beginning of fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15.53</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.97</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(b) Options lost during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">0.00</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(c) Options exercised during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">2.13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">6.61</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(d) Options expired during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">5.80</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><B>Potential dilution upon exercise of all options granted</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.0394%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.0535%</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Share-based compensation &#8211; fiscal year ended on 12/31/2019</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; width: 66%; border: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10.92</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(a) Options outstanding in the beginning of fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">14.51</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.69</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(b) Options lost during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">0.00</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(c) Options exercised during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">10.66</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(d) Options expired during the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%">0.00</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><B>Potential dilution upon exercise of all options granted</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.0517%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.0760%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 14.15pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 14.15pt 0 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Times New Roman,serif; margin: 0"><B>For each grant recognized in income for the past three fiscal years and the
current fiscal year</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 28%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Current Fiscal Year (*)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 9%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant Date </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2017</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2017</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2017</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2017</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2018</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2018</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2018</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2018</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options Granted</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">498,976</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,168,524 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">904,931</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,104,232</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting Period</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2022</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2022</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2022</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2022</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2023</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2023</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2023</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum term for exercise of the Options</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2027</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2027</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2027</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2027</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2028</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2028</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2028</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2028</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on grant date</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,380,012.82</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7,915,463.08 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,763,509.55</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,812,619.61</FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 40%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Current Fiscal Year (*)<BR>
Cont. I</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Board of Directors</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant Date </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2019</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2019</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2019</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2019</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options Granted</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">347,315 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,177,659</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,308,768 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting Period</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2024</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2024</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2024</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2024</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Term for exercise of the Options</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2029</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2029</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2029</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2029</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on grant date</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,865,198.00 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,759,598.48</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9,331,061.59 </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B></B></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 28%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 9%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Board of Directors</B></P></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant Date </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2016</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2016</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2016</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2016</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2017</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2017</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2017</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2017</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options Granted</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">554,550</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">839,269 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">498,976</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,168,524 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting Period</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2021</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2022</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2022</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2022</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2022</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Term for exercise of the Options</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2026</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2026</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2026</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2026</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2027</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2027</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2027</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2027</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on grant date</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,347,631.89</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,066,384.76 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,380,012.82</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7,915,463.08 </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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  <TR>
    <TD STYLE="white-space: nowrap; width: 28%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 9%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 9%; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 9%; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12/31/2021<BR>
Cont. I</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Board of Directors</B></P></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant Date </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2018</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2018</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2018</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2018</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2019</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2019</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2019</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2019</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options Granted</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">904,931 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,104,232</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">347,315 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,177,659</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,308,768 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting Period</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2023</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2023</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2023</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2023</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2024</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2024</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2024</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2024</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Term for exercise of the Options</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2028</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2028</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2028</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2028</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2029</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2029</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2029</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2029</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on grant date</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,763,509.55 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,812,619.61</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,865,198.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,759,598.48</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9,331,061.59 </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">(*) Based on the best estimate of Company&rsquo;s management based on data for current
fiscal year.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 38%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12/31/2020</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers </B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Board of Directors</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant Date </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2017</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options Granted</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">583,155</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">432,352</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">263,920</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">640,888</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">839,269</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">619,168</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Term for exercise of the Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2027</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on grant date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,664,391</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,458,186.85</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,991,543.26</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,868,825.36</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,066,384.76</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,194,181.24</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 38%; border: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>12/31/2020</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>Cont. I</B></P></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers </B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Board of Officers</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant Date </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2019</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options Granted</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,168,524</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">858,080</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,104,232</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">347,315</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,141,452</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,308,768</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Term for exercise of the Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2029</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">NA</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on grant date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7,915,463.08</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,516,888</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,812,619.61</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,865,198.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,613,265.13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9,331,061.59</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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  <TR>
    <TD STYLE="width: 40%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12/31/2019</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant Date </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2015</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options Granted</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">903,038</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">418,952</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">155,045</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">583,155</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">385,083</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">505,918</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2020</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Term for exercise of the Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on grant date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,501,997</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,552,575.51</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">944,652.54</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,664,391.41</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,080,103.64</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,817,662.86</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12/31/2019<BR>
Cont. I</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant Date </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2017</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options Granted</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">640,888</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">846,178</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">292,226</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">454,902</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">619,168</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,153,375</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Term for exercise of the Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2027</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on grant date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,868,825.36</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,108,092.07</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,665,447.22</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,501,834.63</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,194,181.24</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7,812,845.29</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12/31/2019<BR>
Cont. II</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant Date </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2019</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options Granted</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">229,367</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">550,481</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">858,080</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,298,165</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">903,019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,141,452</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Term for exercise of the Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2029</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on grant date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,627,748.03</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,906,596.69</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,516,888.33</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6,833,472.79</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,849,514.79</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,613,265.13</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
</TABLE>

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  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font-family: Calibri,sans-serif; width: 40%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-family: Calibri,sans-serif; width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12/31/2019<BR>
Cont. III</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD COLSPAN="5" ROWSPAN="8" STYLE="text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant Date </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2019</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options Granted</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,466,103</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Term for exercise of the Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2029</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on grant date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9,966,942.96</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Note</U></B>: Whenever necessary, the number of options
granted and fair value were adjusted to reflect all stock splits that took place within the relevant period.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>Calculation log of the potential dilution resulting from the exercise of options</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The potential dilution mentioned in the tables above and represented
in the table below considers that 100% of the options granted to the members of the Board of Directors and the Board of Officers are exercised
on the base date of this <U>Exhibit A.IV</U>, this is to say, December 31, 2021, and that the Company issues new shares as a result thereof,
that is, it does not consider the use of any shares held in treasury. The dilution is calculated by the ratio between the number of new
shares issued and the total number of shares of the capital stock after such issuance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><BR STYLE="clear: both">
<B>Body</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Grant Date</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Number of Options</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Shares of the Capital Stock at the End of the Year (12/31/2021)</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Potential dilution if all options are exercised</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="32" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">04/27/2006</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">04/30/2007</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">04/30/2008</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">03/30/2009</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">08/28/2009</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">03/30/2010</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">08/19/2010</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/2010</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">06/27/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">06/27/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10/25/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10/25/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/21/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/21/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/21/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/2012</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;409,970 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00260%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/2012</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2013</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;496,963 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00316%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/19/2013</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2014</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;620,152 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00394%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2014</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2015</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;523,535 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00333%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2015</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2016</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;554,550 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00352%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2016</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2017</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2017</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;498,976 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00317%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2018</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2018</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;904,931 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00575%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;1,177,659 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00748%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD ROWSPAN="32" STYLE="border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; width: 20%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif; width: 19%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">04/27/2006</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif; width: 17%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; font-family: Calibri,sans-serif; width: 20%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: center; font-family: Calibri,sans-serif; width: 24%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">04/30/2007</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">04/30/2008</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">03/30/2009</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">08/28/2009</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">03/30/2010</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">08/19/2010</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/2010</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">06/27/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">06/27/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10/25/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10/25/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/21/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/21/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/21/2011</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/2012</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;247,560 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00157%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/2012</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;159,180 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00101%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2013</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;270,655 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00172%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/19/2013</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;212,257 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00135%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2014</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;439,930 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00279%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2014</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;265,791 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00169%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2015</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;432,352 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00275%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2015</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;263,920 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00168%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2016</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;839,269 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00533%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2016</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/2017</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2017</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;1,168,524 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00742%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/2018</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00000%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/2018</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;1,104,232 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00701%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;347,315 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00221%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2019</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;2,308,768 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15,744,452,169</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.01466%</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">When required, the number of options
and fair value were adjusted to reflect the stock splits consummated in the period. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">According to the accounting method of
predecessor cost adopted by Ambev S.A., data related to periods before 2014 related to Companhia de Bebidas das Am&eacute;ricas &#8211;
Ambev historical information.</FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt/115% Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>13.6 - Outstanding options</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12/31/2021</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: white; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 0px">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Number of members</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12,00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13,00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12,00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13,00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12,00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13,00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12,00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13,00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12,00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13,00</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Grant Date</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/12</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/12</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/12</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/12</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/13</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/13</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/19/13</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/19/13</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/14</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/14</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Options not qualified for exercise </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Date on which they may be exercised</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/2017</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/17</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/17</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/2018</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/18</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/19/18</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2019</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/19</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/22</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/22</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/22</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/23</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/23</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/19/23</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/24</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/24</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.20 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.20 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.84 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;17.56 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.56</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.70 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.85 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.85 </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Options qualified for exercise </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">409,970</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">247,560</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">159,180</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">496,963</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">270,655</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">212,257</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">620,152</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">439,930</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/22</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11/30/22</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/22</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/22</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/23</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/23</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/19/23</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/19/23</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/24</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/24</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.20 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.20 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.84 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.84 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;17.56 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;17.56 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.70 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.70 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.85 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.85 </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;2.59 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;2.59 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;2.42 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;2.89 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;2.89 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;3.18 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;3.45 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;3.45 </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of the total of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;1,062,745.36 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;641,737.79 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;384,536.46 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,438,348.58 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">783,350.54 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;674,341.88 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;2,140,986.81 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;1,518,795.92 </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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    <TD STYLE="white-space: nowrap; vertical-align: top; width: 28%; border: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>12/31/2021</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>Cont. I</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif; line-height: 115%; width: 7%"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; line-height: 115%"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Number of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Grant Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/14</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/14</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/16</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/16</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Options not qualified for exercise </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Date on which they may be exercised</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/19</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/21</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/21</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/24</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/26</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/26</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/26</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.85 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.64 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.64 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;18.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;18.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.15 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.15 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.34 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.34 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Options qualified for exercise </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">265,791.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">523,535</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">432,352.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">263,920.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">554,550</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">839,269.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/24</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/24</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/26</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/26</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.85 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.85 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.64 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.64 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;18.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.15 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.15 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.34 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;3.77 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;3.35 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;3.35 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;3.54 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;4.08 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;4.08 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;- &nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of the total of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;1,001,059.33 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 28%; border: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>12/31/2021</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>Cont. II</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Number of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Grant Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/17</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/17</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/17</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/17</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/18</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/18</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/18</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/18</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/19</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Options not qualified for exercise </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;498,976.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;1,168,524.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;904,931.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;1,104,232.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">347,315.00 </FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Date on which they may be exercised</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/22</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/22</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/22</FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/22</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/23</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/23</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/23</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/23</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/24</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/27</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/27</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/27</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/27</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/28</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/28</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/28</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/28</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/29</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.89</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.89</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">20.56</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">20.56</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">22.40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">22.40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3.35 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;3.35 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;4.08</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;4.08</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3.45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Options qualified for exercise </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;0 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/10/27</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/01/27</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">02/22/2028</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/22/28</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">03/12/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/03/28</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/21/29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.89</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">20.56</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">20.56</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">22.40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">22.40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;- </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of the total of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,670,884</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,912,950.37</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,693,238</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,506,632.09</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">1,199,055.77</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 41%; border-top: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>12/31/2021</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>Cont. III</B></P></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Number of members</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Grant Date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/19</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/19</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Options not qualified for exercise </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,177,659.00 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,308,768.00 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Date on which they may be exercised</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/24</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/24</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/29</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/02/29</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.05 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.05 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3.77</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3.77</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Options qualified for exercise </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/12/2029</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">02/12/29</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;N/A </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">N/A </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.05 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.05 </FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 41%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of the total of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,435,464 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,695,605.73 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&#8226; Whenever necessary, the number of options granted and fair value were adjusted
to reflect all stock splits that took place within the relevant period.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&#8226; According to the accounting method of predecessor cost adopted by the Company,
data related to periods before 2014 relates to <I>Companhia de Bebidas das Am&eacute;ricas &#8211; Ambev </I>historical information.</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.7 - Options exercised and shares transferred</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(i) Amounts arising from the accounting effects provided
for in CPC 10 - Share-based Payment.</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>December 31, 2021</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; border: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>No. of members </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>No. of members receiving compensation </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Options exercised (LTI)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Number of shares </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">532,405</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">226,715</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$11.97</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$11.97</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Difference between the exercise price and the market value of the shares resulting from the options exercised</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$3,938,732.19</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$1,135,062.72</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Shares transferred </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Number of shares transferred</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">209,855</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">300,915</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Weighted average acquisition price</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.25</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.25</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Difference between the acquisition price and the market value of the shares acquired </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-654,748</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-938,855</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>December 31, 2020</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; border: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>No. of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>11.77</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>No. of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>3.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>9.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Options exercised (LTI)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Number of shares </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">910,900</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">241,725</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 2.13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 6.61</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Difference between the exercise price and the market value of the shares resulting from the options exercised</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 15,168,174.87</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 1,577,049.69</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt; text-underline-style: double"><B><U>Options exercised (Bonus)</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Number of shares </FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>66,344</U></B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>212,651</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>18.31</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>18.31</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Difference between the exercise price and the market value of the shares resulting from the options exercised</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>0.00</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>0.00</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Shares transferred </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Number of shares transferred</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">111,140</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">78,512</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Weighted average acquisition price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.43</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.43</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Difference between the acquisition price and the market value of the shares acquired </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-647,946</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-457,725</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>December 31, 2019</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; border: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>No. of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10.92</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>No. of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>9.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Options exercised (LTI)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">&nbsp;&nbsp;Number of shares </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2,681,735</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">&nbsp;&nbsp;Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 10.66</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">&nbsp;&nbsp;Difference between the exercise price and the market value of the shares resulting from the options exercised</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 20,537,474.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt; text-underline-style: double"><B><U>Options exercised (Bonus)</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Number of shares </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>66,344</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>337,433</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>18.63</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>18.63</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">Difference between the exercise price and the market value of the shares resulting from the options exercised</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>0.00</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt; text-underline-style: double"><B><U>0.00</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt"><B>Shares transferred </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">&nbsp;&nbsp;Number of shares transferred</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">327,562</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">161,578</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">&nbsp;&nbsp;Weighted average acquisition price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.87</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16.87</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 7pt">&nbsp;&nbsp;Difference between the acquisition price and the market value of the shares acquired </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-1,076,232</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-927,683</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.8 - Pricing of shares/options</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">a. <U>pricing model</U>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The fair value of the options granted under the Option Plan
is determined based on Hull Binomial Pricing Model. The model is based on the assumption that price of a share in future periods may follow
two possible ways: one upward and another downward. Then, a binomial tree is built in relation to the share price. The upward and downward
factors are determined based on volatility of the share and the time frame between the steps in the tree. The trajectories for share price
are determined until maturity. In parallel, a tree is also constructed to represent the option value per period. The option value is determined
backwards, it starts from the expiration of vesting period. In the final period, the holder of the option shall decide whether to exercise
the option or not.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the case of Share Appreciation Rights, at the end of vesting
period of each lot, the number of Share Appreciation Rights shall be converted into an amount equal to the closing price of shares or
ADRs issued by the Company and traded at B3 or NYSE, respectively, on the trading session immediately before such term, it being certain
that each Share Appreciation Rights shall correspond to one share or ADR, as applicable. There is no exercise price for the Share Appreciation
Rights, which represent only an obligation of the Company to pay to the beneficiary, on the date of the expiration of the vesting periods,
the amount equivalent to the market price of Company&#8217;s shares traded on B3 or ADRs traded on the NYSE, with no disbursement by the
beneficiary.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For grants of deferred shares and grants under the Stock Plan,
the fair value corresponds to the closing price of shares or ADR traded at B3 or NYSE, as the case may be, on the day immediately before
its grant date, and a discount may be applied under certain conditions as provided in each program. For the programs under the Stock Plan,
the shares will be granted free of charge after the five-year grace period and provided that the participant maintains the employment
and / or statutory relationship with the Company until the end of such term, observing the other terms of the Stock Plan and of each program.
For specific information about such programs, refer to item 13.4.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">b. <U>data and assumptions used in the pricing model, including
the weighted average price of shares, the exercise price, the expected volatility, the duration of the option, expected dividends and
risk-free interest rate</U>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>Calculation date</U></I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">According to Technical Pronouncement CPC 10 &#8211; Share-Based
Payment, options must be assessed on the date of their respective grant.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Weighted average price of shares </I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The price of the shares of the Company taken as basis to calculate
the value of the respective options is their Market Value, as defined below.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>Exercise price</U></I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>- Programs from 2008 to 2010</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Lot A and lot C options (as specified in such programs) must
be exercised for an exercise price corresponding to the average closing prices of shares traded at B3 over a 30-day window before grant
date, or, in specific cases (<I>e.g.</I>, to employees of subsidiaries of the Company headquartered abroad), the average closing price
of ADRs traded at NYSE in the period (&#8220;<U>Market Value</U>&#8221;) under any specific provisions set forth in the Program. For the
options belonging to lot B, the exercise price is the Market Value, applying a 10% discount. In the case of the supplementary options
set forth in said programs as belonging to lot C, the amounts corresponding to dividends and interest on own capital effectively paid
out by the Company on the underlying shares during the period between grant date and exercise date is deducted from the exercise price.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>- Programs from 2010 to 2021</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The exercise price of each option granted under the Option
Plan corresponds to the closing price, in Brazilian <I>Reais</I>, of the Company&#8217;s shares traded on B3 in the trading session immediately
prior to the grant date.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>Expected volatility</U></I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The options&#8217; expected volatility is based on historical
volatility calculated since March 29, 2004. Based on the Hull Binomial Model, it is assumed that all employees would exercise their options
immediately if the price of the shares of the Company would reach 2.5 times the exercise price. The Company will not use the sliding window
method, in which volatility estimate is fixed length &#8220;m&#8221; (i.e., for each daily update information from the previous day is
aggregated and the information of m+1 days ago is disregarded). To calculate the expected volatility, the Company used the daily stock
returns of the Company. For every daily update of the calculation, information concerning that day is added to the base and no information
is disregarded. Therefore, the base has mobile extension beginning on March 29, 2004 until the date of calculation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>Duration of options</U></I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>- Programs from 2008 to 2010</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">According to the option granting model used by the Company,
the options belonging to the lots A and B must be immediately exercised, since they have a duration equal to zero. The supplementary options
belonging to the lot c, in turn, have a total duration of ten years, considering a five-year vesting period and a five-year exercise period.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>- Programs from 2010 to 2019</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt inherit,serif; margin: 0; text-align: justify; background-color: white; color: #212121">Under the Option Plan, the
options have a grace period of five years from the date of grant, and the beneficiary may exercise them within five years after the grace
period ends, upon payment of the exercise price until five business days from the exercise date, for the delivery of the shares to be
carried out, therefore, having a term of up to ten years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>Expected dividends (dividends distribution rate)</U></I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The dividends distribution rate represents the ratio between
the dividend per share paid out over a certain period and the price of share in the market. The Company&#8217;s dividend distribution
rate of 5% was calculated based on its history of dividends distribution and payment of interest on own capital.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">However, in cases in which the options granted are protected
in terms of dividends (programs prior to 2010), meaning that the amounts paid out as dividends and interest on own capital are deducted
from their exercise price, the Company&#8217;s dividends distribution rate is zero for purposes of calculating the fair value of the options.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>Risk-free interest rate</U></I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The risk-free interest rates were obtained based on the closing
price of the futures contract DI1 (Future of Average Rate of One-Day Interbank Deposits) disclosed by B3 on the respective grant dates
for similar maturity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For illustrative purposes, the data explained in this item
&#8220;b&#8221; was the following for the options granted in the fiscal years of 2019, 2020 and 2021:</P>


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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>OPTION PRICING MODEL<BR>
<BR>
</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 61%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Assumptions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 39%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Pricing Model</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Hull Binomial</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options granted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Share price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Exercise price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Expected volatility</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting (years)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Expected dividends</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Risk-free interest rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 61%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Assumptions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 39%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Pricing Model</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Hull Binomial</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options granted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4.04</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Share price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.05</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Exercise price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.05</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Expected volatility</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">22.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting (years)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Expected dividends</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Risk-free interest rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.8%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 61%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Assumptions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 39%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2019</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Pricing Model</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Hull Binomial</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of options granted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4.50</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Share price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.66</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Exercise price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.66</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Expected volatility</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">23.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Vesting (years)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Expected dividends</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Risk-free interest rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7.8%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">Information based on the weighted average of the programs granted,
exception made to the estimate on dividends and risk-free interest rate</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">The percentages include the stock options and ADRs granted
during the fiscal year, whereas ADRs are denominated in US Dollars.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">c. <U>method used and assumptions made to incorporate the
expected effects of early exercise of options</U>:</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Based on the Hull Binomial Model used by the Company, the
immediate exercise of all options granted is assumed if the price of the shares issued by the Company reaches 2.5 times the exercise price.
The premise for the period in which the option will be exercised after the expiration of the grace period is related to the behavior of
the beneficiaries of the options, which differs from individual to individual. Despite the measurement of past behavior of the beneficiaries
to estimate future behavior, in general, prove to be more appropriate, Option Plan, underwent significant changes, especially in relation
to the protection of dividends, capable to influence the decision on the exercise of the option. Accordingly, the Company chose to use
as a premise the average result of two studies cited by Hull himself, and carried out by Huddart Lang and Carpenter, the conclusion of
which established that the exercise of options in a compensation program would occur when the price of the stock issued by the Company
reached 2.8 and 2.2 times the exercise price, respectively.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">d. <U>how the expected volatility is determined</U>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the 2009 option programs, the expected volatility (approved
by Companhia de Bebidas das Am&eacute;ricas &#8211; Ambev and received by the Company) is based on historical data of the last 252 days.
As of the 2010 option programs, the expected volatility is measured since March 2004. As explained in &#8220;c&#8221;, above, the Hull
Binomial Model, adopted by the Company, assumes that all employees would exercise their options immediately if the price of the shares
issued by the Company reached 2.5 times the exercise price.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">e. <U>has any other characteristic of the option been incorporated
to the determination of its fair value</U>:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Other characteristics were not incorporated in the measurement
of the fair value of the options.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.9 - Interests held by body:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>2021</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Instruments issued by Ambev &#8211; 12/31/2021</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 27%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 22%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. Shares and ADRs</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; width: 18%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Deferred Shares</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 20%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. Options</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">33,492,096 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;1,765,621 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;5,186,736 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;40,444,453 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;6,060,596 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;8,469,571 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;8,059,753 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;22,589,920</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>39,552,692</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>10,235,192</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13,246,489</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>63,034,373</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Instruments issued by ABI &#8211; 12/31/2021</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 26%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. Shares and ADRs</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; width: 18%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Deferred Shares</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 20%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. Options</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;385,712 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;1,640,153 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;9,442,974 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;11,468,839 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;50,641 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">856,422 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;6,643,362 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;7,550,425 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;&nbsp;436,353 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;&nbsp;2,496,575 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;&nbsp;16,086,336 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;&nbsp;19,019,264 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.10 - Information about pension plans granted to the
members of the Board of Directors and Board of Officers</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 30%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>RETIREMENT BENEFITS</B></FONT></TD>
    <TD STYLE="width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">No. of members </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">No. of members receiving compensation </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Name of the plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Defined Contribution</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Defined Contribution</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of managers that are eligible to retire </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Conditions to early retirement </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">53 years of age and 11 years of plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">53 years of age and 11 years of plan</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Updated number of contributions accrued until the end of the last fiscal year, after deducting the amounts corresponding to contributions made directly by the managers </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 16,412,983.53</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 5,884,267.06</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Total amount of contributions made during the last fiscal year, after deducting the amounts corresponding to contributions made directly by the managers </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 1,703,577.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">R$ 779,406.75</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Possibility of and conditions to early redemption </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Yes, in the event of termination of employment contract with the Company and provided that participant is neither eligible to a retirement benefit under the Plan, nor elects the pro rata deferred benefit, the portability or self-sponsorship. The amount redeemed shall correspond to the contributions made by the participant him/herself.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Yes, in the event of termination of employment contract with the Company and provided that participant is neither eligible to a retirement benefit under the Plan, nor elects the pro rata deferred benefit, the portability or self-sponsorship. The amount redeemed shall correspond to the contributions made by the participant him/herself.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.11 - Individual, maximum, minimum and average compensation
of the Board of Directors, Board of Officers and Fiscal Council</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>12/31/2021</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 21%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Highest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Lowest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Average Individual Compensation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8.50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12,864,644.05</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">601,785.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,010,756.82</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">482,168.64</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">241,084.32</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">301,355.40</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">23,713,425.41</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2.722.453,47</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6,435,739.15</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>12/31/2020</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 21%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Highest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Lowest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Average Individual Compensation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8.67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">7,895,479.83</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">298,612.80</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,347,164.51</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">457,771.49</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">228,885.74</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">286,107.17</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11.58</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11.58</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">16,545,146.98</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,663,351.57</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4,564,058.57</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>12/31/2019</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 21%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Highest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Lowest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Average Individual Compensation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">9,036,710.50 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">299,839.45</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,790,654.25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5.67 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5.67 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">443,492.45 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">221,746.22</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">338,452.94</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.92 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">10.92 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">14,170,295.57 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">3,058,226.62</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5,572,957.37</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Notes:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Officers</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/31/2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 88%; border-bottom: Black 1pt solid; border-right: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The average compensation of the Board of Officers presented in this item is calculated
    taking into account the number of members of the Board of Officers (13 members) that receive compensation from the Company for their services.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- Includes stock-based compensation of the Company and of the Controlling Company.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The member that received the highest individual compensation worked for 12 months.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/31/2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The average compensation of the Board of Officers presented in this item is calculated
    taking into account the number of members of the Board of Officers (11.77 members) that receive compensation from the Company for their
    services.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- Includes stock-based compensation of the Company and of the Controlling Company.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The member that received the highest individual compensation worked for 12 months.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/31/2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The average compensation of the Board of Officers presented in this item is calculated
    taking into account the number of members of the Board of Officers (10.92 members) that receive compensation from the Company for their
    services.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- Includes stock-based compensation of the Company and of the Controlling Company.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The member that received the highest individual compensation worked for 12 months.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><BR STYLE="clear: both">
</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Directors</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/31/2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 88%; border-bottom: Black 1pt solid; border-right: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The average compensation of the Board of Directors presented in this item is calculated
    taking into account the number of members of the Board of Directors (8.5 members) that receive compensation from the Company for their
    services.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- Includes stock-based compensation of the Company and of the Controlling Company.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The member that received the highest individual compensation worked for 12 months.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/31/2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The average compensation of the Board of Directors presented in this item is calculated
    taking into account the number of members of the Board of Directors (8,67 members) that receive compensation from the Company for their
    services.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- Includes stock-based compensation of the Company and of the Controlling Company.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The member that received the highest individual compensation worked for 12 months.</P></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 12%; border: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/31/2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 88%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The average compensation of the Board of Directors presented in this item is calculated
    taking into account the number of members of the Board of Directors (8 members) that receive compensation from the Company for their services.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- Includes stock-based compensation of the Company and of the Controlling Company.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The member that received the highest individual compensation worked for 12 months.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fiscal Council</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/31/2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 88%; border-bottom: Black 1pt solid; border-right: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- It was considered the 3 full members and the 3 alternate members of the Fiscal
    Council.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The member that received the highest individual compensation worked for 12 months.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/31/2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- It was considered the 3 full members and the 3 alternate members of the Fiscal
    Council.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The member that received the highest individual compensation worked for 12 months.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/31/2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- It was considered the 2.67 full members and the 3 alternate members of the Fiscal
    Council.</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">- The member that received the highest individual compensation worked for 12 months.</P></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.12 - Compensation or indemnification mechanisms for
the management in the event of dismissal from their job or retirement</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There are no contractual arrangements, directors&#8217; and
officers&#8217; liability insurance policies (&#8220;D&amp;O&#8221;), or other instruments that structure compensation mechanisms or indemnification
for the specific administrators for the hypothesis of removal from office or retirement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As stated on item 12.11 of the Company&#8217;s Reference Form,
the Company has D&amp;O, contracted with the Insurer Zurich Minas Brasil Seguros S/A, for the period from November 30, 2021 to November
30, 2022, with premium value of approximately US$ 68,000.00 , for the coverage of losses and damages to third parties, for acts related
to the exercise of functions and attributions of the administrators, during and after their respective mandates, up to the amount of US$
15 million. For further details on this contract, see item 12.11 of the Company's Reference Form.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For more information on the insurance policies for payment
or reimbursement of expenses borne by the Company's managers, see item 12.11 of the Reference Form.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>13.13 - Percentage of the overall compensation held by the managers and members
of the Fiscal Council that are parties related to the controlling shareholders</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>December 31, 2021</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 26%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Related Party&#8217;s Compensation</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total Compensation</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">5.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">601,785.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">25,591,432.97</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,808,132.40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">83,664,608.96</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>5.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>601,785.60</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>111,064,174.33</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>December 31, 2020</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 26%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Related Party&#8217;s Compensation</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total Compensation</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,072,656.99</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,675,425.76</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,716,643.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">52,867,011.81</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>6.00</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1,072,656.99</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>66,259,080.58</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>December 31, 2019</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="width: 27%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Related Party&#8217;s Compensation</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total Compensation</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">549,665.45</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">14,325,234.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1,917,900.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">60,838,118.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>6.00</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>549,665.45</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>77,081,252.00</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>1</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.14 - Compensation to the managers and members of the
Fiscal Council, grouped by body, received for any reason other than their position in the Company</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">There are no amounts recognized in the Company&#8217;s results
for the last three fiscal years as compensation for members of the Board of Directors, Executive Board or the Supervisory Board, since
they do not receive compensation from the Company for any other reason (e.g., consulting, advisory etc.), except as a result of the exercise
of their positions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.15 - Compensation to the managers and members of the
Fiscal Council recognized in the income statement of direct and indirect controlling shareholders, affiliates and subsidiaries of the
issuer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Fiscal Year ended December 31, 2021 &#8211; Compensation
received due to the position in the issuer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 20%; border: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT><B><FONT STYLE="font-family: Times New Roman Negrito; font-size: 8pt"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total(ii)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Direct and indirect shareholders </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">102,292,210.51</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">15,863,775.58</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">118,155,986.10</P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Companies controlled by the issuer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Affiliates </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Fiscal Year ended December 31, 2020 &#8211; Compensation
received due to the position in the issuer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 20%; border: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT><B><FONT STYLE="font-family: Times New Roman Negrito; font-size: 8pt"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total(ii)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Direct and indirect shareholders </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">95,037,249.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,765,417.90</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>103,802,667.50</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Companies controlled by the issuer</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Affiliates </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Fiscal Year ended December 31, 2019 &#8211; Compensation
received due to the position in the issuer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="vertical-align: top; width: 20%; border: Black 1pt solid; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT><B><FONT STYLE="font-family: Times New Roman Negrito; font-size: 8pt"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total(ii)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Direct and indirect shareholders </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">225,805,583.01</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8,546,989.01</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>234,352,572.02</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Companies controlled by the issuer</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Affiliates </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><I>(i) Original amounts in dollar, by converted into Brazilian
Reais by the annual average rate of each fiscal year.</I></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><I>(ii) The amounts consider the accounting effects provided
for in CPC 10 - Share-based Payment.</I></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.16 - Other relevant information:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">According to the understanding of the CVM Collegiate
body in the Proceeding No. 19957.007457/2018-10, which was included in Circular Notice/Annual-2022-CVM/SEP of the Superintendence of Relations
with Companies (<I>Superintend&ecirc;ncia de Rela&ccedil;&atilde;o com Empresas</I> - <I>SEP</I>), and also provided for in the Circular-Notice
No. 01/2021 of SEP, disclosed in 2021, as of the current fiscal year of 2021, the Company has started to report in item 13.2 of this <U>Exhibit
A.IV</U> management&#8217;s compensation net of employer&#8217;s payroll charges. Therefore, for comparison purposes of the global compensation
proposal of the current year with previous years, the Company informs below the employer&#8217;s contribution (INSS) to which members
of its management and the Fiscal Council are eligible:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 25%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Forecast for 2022</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total No. of members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;12.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">14.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;6.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>32.00 </B></FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">14.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;6.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>28.00 </B></FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">INSS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;1,542,022 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;4,051,290 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;403,491 </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;5,996,803 </B></FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Calibri,sans-serif; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total No. of members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;12.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;6.00 </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>31.00 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">8.50 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">13.00 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;6.00 </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>27.50 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">INSS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;1,329,273 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;3,605,174 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;361,626 </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>&nbsp;5,296,073 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As described in item 13.4 of this <U>Exhibit A.IV</U>, the
members of Company&#8217;s management are eligible to receive options with immediate exercise and five years lock up. We present in the
table below information regarding the restricted shares as open of the Board of Directors and Board of Officers at the end of the last
fiscal year.</P>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>DEFERRED SHARES</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>0.00</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">03/30/2017</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">03/30/2017</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of options granted</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of shares transferred upon the exercise of options during the lock up period</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">11,872 </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock up period of <B>deferred</B> shares</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">03/30/2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">03/30/2022</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Weighted average exercise price:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.210 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.210 </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of <B>deferred</B> shares on exercise date</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">204,317.12 </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Fair value of <B>deferred</B> shares on the last day of the fiscal year </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">- </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">185,203.20 </FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Dilution after exercise of <B>deferred</B> shares</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.000000%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.000075%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As described in item 13.4 of this <U>Exhibit A.IV</U>, the
members of the Company's management are eligible to receive restricted shares subject to the Share Plan (options with immediate exercise).
We present on the table below information on the restricted shares granted to the Board of Directors and to the Board of Officers within
the scope of the Share Programs approved by the Board of Directors and with vesting periods still in progress at the end of the last fiscal
year:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 20%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>31/12/2021</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Directors</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Officers</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Directors</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Officers</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Directors</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Officers</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Directors</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Officers</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Directors</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Officers</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Directors</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Officers</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Directors</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board
    of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Total
    No. of members</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>12.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>13.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>12.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>13.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>12.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>13.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>12.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>13.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>12.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>13.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>12.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>13.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>12.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>13.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>No.
    of members receiving compensation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>2.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>9.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>1.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>5.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>2.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>10.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>2.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>10.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>0.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>3.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>0.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>7.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>0.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>11.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Stock
    Options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Grant
    date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/29/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/29/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/03/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/03/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/29/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/29/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">08/30/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">08/30/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/09/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/09/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/30/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/30/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2020</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Number
    of options granted</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;67,408
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;86,238
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">26,266
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">98,634
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">40,078
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">114,017
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;8,302
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Number
    of shares transferred upon the exercise of options during the lock up period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">298,126
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;314,281
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">512,890
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;1,795,111
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">81,824
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">567,073
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">130,705
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">529,255
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">684,282
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;27,012
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;566,826
    </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Lock
    up period of <B>restricted</B> shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/29/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/29/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/29/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/29/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/29/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">03/29/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">08/30/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">08/30/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">08/30/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">08/30/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">08/30/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2023</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Weighted
    average exercise price:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">22.34</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">22.34</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">16.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">16.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">16.83</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">16.83</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">19.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">19.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">18.05</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">18.05</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">14.54</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">13.98</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">13.98</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Fair
    value of <B>restricted</B> shares on exercise date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">6,660,134.84</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">7,021,037.54</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">8,678,098.80</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">30,373,278.12</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">1,377,097.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">9,543,838.59</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,587,959.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">10,479,249.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12,351,290.10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">392,754.48</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">7,924,227.48</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Fair
    value of <B>restricted </B>shares on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">4,650,765.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">4,902,783.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">8,001,084.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">28,003,731.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">1,276,454.40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">8,846,338.80</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">2,038,998.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">8,256,378.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">10,674,799.20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">421,387.20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">8,842,485.60</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Dilution
    after exercise of <B>restricted</B> shares</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.01%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.00%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 6pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>31/12/2021</B></FONT></TD>
    <TD STYLE="width: 6%; border: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Total No. of members</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;12.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>13.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;12.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;13.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;12.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;13.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;12.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;13.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;12.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;13.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;12.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;13.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;12.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>13.00 </B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 6pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 16%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;4.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>11.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>1.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;4.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;12.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;7.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;12.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;1.00 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>&nbsp;&nbsp;1.00 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Grant date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/14/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/14/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/14/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/14/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/13/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/13/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/13/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/13/2021</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Number of options granted</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Number of shares transferred upon the exercise of options during the lock up period</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">357,647 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;566,821 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;87,453 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">1,836,518 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">462,903 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">384,429 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">462,898 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;219,247 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;219,247 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Lock up period of <B>restricted</B> shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/14/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/14/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/14/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/14/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/13/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/13/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/13/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12/13/2026</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Weighted average exercise price:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;27,960 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;27,960 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;15,500 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;15,500 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">31,000 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">31,000 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">16,060 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;16,060 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;32,120 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;32,120 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;15,950 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;15,950 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;15,950 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">15,950 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Fair value of <B>restricted</B> shares on exercise date</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">9,999,810.12 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;15,848,315.16 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;1,355,521.50 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">56,932,058.00 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">7,434,222.18 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">12,347,859.48 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">14,868,283.76 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">3,496,989.65 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;3,496,989.65 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Fair value of <B>restricted </B>shares on the last day of the fiscal year</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">5,579,293.20 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;8,842,407.60 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;&nbsp;1,364,266.80 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">28,649,680.80 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">7,221,286.80 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">5,997,092.40 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">7,221,208.80 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">3,420,253.20 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">&nbsp;3,420,253.20 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">Dilution after exercise of <B>restricted</B> shares</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.002272%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.003600%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.000000%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.000555%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.000000%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.011665%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.000000%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.002940%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.002442%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.002940%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.000000%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.001393%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.000000%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 6pt">0.001393%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As described in item 13.4 of this <U>Exhibit A.IV</U>, as
from 2011, the Board of Directors approved, for certain officers deemed by Management to have greater potential, the granting of Share
Appreciation Rights. Since this compensation modality does not include equity instruments, it does not imply the issue of shares and,
consequently, a dilution for other shareholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The table below discloses the same information required for
plans that use options whose exercise is not immediate.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 38%; border: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Board of </B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Directors</B></P></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Board of</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Directors</B></P></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total No. of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/2012</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/2012</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2014</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of shares for calculation of appreciation </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">78,541</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Share quotation on grant date </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.84</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">17.84</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15.95</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15.95</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock up period regarding share appreciation rights </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/20/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2019</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 30%; border: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; background-color: white"><B>12/31/2021</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; background-color: white"><B>Cont. I</B></P></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Board of </B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Directors</B></P></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Board of</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Directors</B></P></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Board of</B></P>
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: center"><B>Directors</B></P></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Total No. of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>13.00</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">1.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">0.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">2.00</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt"><B>Stock Options</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Grant date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2015</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Number of shares for calculation of appreciation </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">104,368 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">404,544 </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Share quotation on grant date </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">15.95 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;15.95 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;18.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">18.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">&nbsp;&nbsp;18.00 </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">Lock up period regarding share appreciation rights </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 8pt">12/22/2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt/110% Calibri,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Exhibit B.I
&#8211; Report on the Changes to the company&#8217;s bylaws</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 10pt; text-align: center"><I>(as exhibit 11 of CVM Instruction 481/09)</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="background-color: #A6A6A6">
    <TD STYLE="width: 34%; border: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>CURRENT</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>ARTICLES OF THE BYLAWS</B></P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>PROPOSED CHANGES</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>(IN MARKS)</B></P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman,serif"><B>JUSTIFICATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>CHAPTER I</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>NAME, HEADQUARTERS, PURPOSE AND DURATION</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>CHAPTER I</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>NAME, HEADQUARTERS, PURPOSE AND DURATION</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial,sans-serif; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 3</B> &#8211; The purpose of the Company, either
    directly or by participation in other companies, is: (&#8230;)</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">m) the contracting, sale and/or distribution of its products
    (owned by the Company, any of its controlled companies or third parties), either directly or through third parties, using the means of
    transport required for distribution of such products, byproducts or accessories, and adoption of any system or instruction that, at the
    discretion of the Board of Directors, may lead to the envisaged purposes, as well as the rendering of logistics services, including warehousing,
    stock management in storages owned by the Company or by third parties, and cargo transportation in general;</P>
    <P STYLE="font: 12pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 3</B> &#8211; The purpose of the Company, either
    directly or by participation in other companies, is: (&#8230;)</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">m) the contracting<FONT STYLE="color: red"><STRIKE>, sale
    and/or distribution of its products (owned by the Company, any of its controlled companies or third parties), either directly or through
    third parties, using the means of transport required for distribution of such products, byproducts or accessories, and adoption of any
    system or instruction that, at the discretion of the Board of Directors, may lead to the envisaged purposes, as well as</STRIKE></FONT>
    <FONT STYLE="color: #1B1BFD">and/or</FONT> the rendering of logistics services, including warehousing, stock management in storages owned
    by the Company or by third parties, <FONT STYLE="color: #1B1BFD">general warehouse operation</FONT> and cargo transportation in general;</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">(&#8230;)</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify; color: #1B1BFD">q) the sale and/or distribution, directly
    or through third parties, of household, commercial and/or personal consumer products in general, without restriction.</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: justify">Details of the corporate purpose, with the inclusion
    of activities related to the main activities developed by the Company, notably with regard to (i) the Company's logistics operations,
    including warehouse operations in general; and (ii) sales of household, commercial and/or personal consumer products in general, with
    no restrictions.</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: justify">The Company clarifies that the detailing of the proposed
    corporate purpose does not modify its operating segment and its predominant activities, representing nothing more than an addition of
    ancillary or integrated activities to those already performed by the Company, being compatible with its purposes and, therefore, if approved,
    will not authorize shareholders to withdraw under the terms of articles 136, item VI, and 137, item I, of Law 6,404 / 76.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>CHAPTER II</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>CAPITAL STOCK AND SHARES</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>CHAPTER II</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 4.8pt 0; text-align: center"><B>CAPITAL STOCK AND SHARES</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial,sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.35pt; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>Article 5 &#8211;</B> The capital stock is of R$&nbsp;57,973,874,024.26, divided into 15,739,243,302 nominative common shares, without par value. </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: justify; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif"><B>Article 5 &#8211;</B> The capital stock is of R$&nbsp;<FONT STYLE="color: red"><STRIKE>57.973.874.024,26 </STRIKE></FONT><FONT STYLE="color: #1B1BFD">58,046,148,653.22</FONT>, divided into <FONT STYLE="color: red"><STRIKE>15.739.243.302 </STRIKE></FONT><FONT STYLE="color: #1B1BFD">15,744,666,291</FONT> &nbsp;nominative common shares, without par value.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial,sans-serif; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">Amendment to reflect the capital increases approved by the Company's Board of Directors, within the authorized capital limit until the date of the General Meeting.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/130% Times New Roman,serif; margin: 0; text-align: center">***</P>

<P STYLE="font: 11pt/130% Times New Roman,serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>&#8220;BYLAWS</B></P>

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

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>NAME, HEADQUARTERS, PURPOSE AND DURATION</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;<B>Article 1 -</B> AMBEV S.A. (&#8220;<U>Company</U>&#8221;)
is a corporation (<I>sociedade an&ocirc;nima</I>), which shall be governed by these By-laws and by applicable law.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 2 &#8211; </B>The Company has its headquarters
and jurisdiction in the City of S&atilde;o Paulo, State of S&atilde;o Paulo. Branches, offices, deposits or representation agencies may
be opened, maintained and closed elsewhere in Brazil or abroad, by a joint resolution of the Chief Financial and Investor Relations Officer
and the Legal Vice President Officer, for achievement of the Company&#8217;s purposes.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 3 &#8211; </B>The purpose of the Company, either
directly or by participation in other companies, is:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the production and trading of beer, concentrates, soft
drinks and other beverages, as well as foods and drinks in general, including ready-to-drink liquid compounds, flavored liquid preparations,
powdered or tubbed guaran&aacute;;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the production and trading of raw materials required
for the industrialization of beverages and byproducts, such as malt, barley, ice, carbonic gas, and of anything else that may be necessary
or useful for the activities listed in item (a) above, including the manufacturing and sale of packages for beverages, as well as the
manufacturing, sale and industrial use of raw material necessary for the manufacturing of such packages, as well as the production, trading,
rental, maintenance and repair of appliances, machinery, utensils and equipment;&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the production, certification and commerce of seeds and
grains, as well as the commerce of fertilizers and fungicides and other related activities, as necessary or useful to the development
of the main activities of the Company as stated in these By-laws;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the packaging and wrapping of any of the products belonging
to it or to third parties;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the agricultural cultivation and promotion activities
in the field of cereals and fruits which are the raw material used by the Company in its industrial activities, as well as in other sectors
that require a more dynamic approach in the exploration of the virtues of the Brazilian soil, mainly in the food and health segments;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the operation on the following areas: research, prospecting,
extraction, processing, industrialization, commercialization and distribution of mineral water, in all national territory;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the beneficiation, expurgation and other phytosanitary
services, and industrialization of products resulting from the activities listed in item (d) above, either for meeting the purposes of
its industry or for trading of its byproducts, including, but not limited to, byproducts for animal feeding;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the advertising of products belonging to it and to third
parties, including agency of advertising space and the production, trading or rental of&nbsp;promotional and advertising materials, as
well as the rendering of information and internet content services and business intermediation;</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the promotion and intermediation of financial services&#8217;
and payments&#8217; offers, and the rendering of technical, market and administrative assistance services and other services at all times
directly or indirectly related to the core activities of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the importation of anything necessary for its industry
and trade;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the exportation of its products;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the direct or indirect exploration of bars, restaurants,
luncheonettes and similar places; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.45pt">m)</TD><TD STYLE="text-align: justify">the contracting<FONT STYLE="color: red"><STRIKE>, sale and/or distribution of its products (owned by the
Company, any of its controlled companies or third parties), either directly or through third parties, using the means of transport required
for distribution of such products, byproducts or accessories, and adoption of any system or instruction that, at the discretion of the
Board of Directors, may lead to the envisaged purposes, as well as</STRIKE></FONT> <FONT STYLE="color: #1B1BFD">and/or</FONT> the rendering
of logistics services, including warehousing, stock management in storages owned by the Company or by third parties, <FONT STYLE="color: #1B1BFD">general
warehouse operation</FONT> and cargo transportation in general;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">printing and reproduction of recorded materials, including
the activities of printing, services of preprinting and graphic finishing and reproduction of recorded materials in any base;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">generation and trading of energy and equipment required
for generating energy, as well as any other ancillary activity to enable the implementation of projects for generation, use or trade of
energy, related, directly or indirectly, to the core activities of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">collection, transportation, treatment, recycling, reuse,
disposition and/or trading of scrap and solid waste of the Company or of third parties; the reuse of such waste, in its transformation
cycle or any other productive cycles of third parties, or any other environmentally appropriate final destination (for reverse logistics),
among other related activities;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the sale and/or distribution, directly or through third
parties, of household, commercial and/or personal consumer products in general, without restriction;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0; color: #1B1BFD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the sale and/or distribution, directly or through third
parties, of household, commercial and/or personal consumer products in general, without restriction.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;<B>Sole Paragraph &#8211; </B>Additionally to the provisions
of the caption of this article, the Company may participate in or associate itself with other commercial and civil companies, as partner,
shareholder or quotaholder, in Brazil or abroad.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 4 &#8211;</B> The Company is established for an
indeterminate term.</P>

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

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>CAPITAL STOCK AND SHARES</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 5 &#8211;</B> The capital stock is of R$&nbsp;<FONT STYLE="color: red"><STRIKE>57.973.874.024,26
</STRIKE></FONT><FONT STYLE="color: #1B1BFD">58,046,148,653.22</FONT>, divided into <FONT STYLE="color: red"><STRIKE>15.739.243.302 </STRIKE></FONT><FONT STYLE="color: #1B1BFD">15,744,666,291</FONT>
nominative common shares, without par value.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1 &#8211; </B>Each common share shall be entitled
to one vote in the resolutions of the Shareholders&#8217; Meeting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2 &#8211; </B>The Company shares are in the book-entry
form and shall be held in a deposit account in the name of the respective holders, with a financial institution indicated by the Board
of Directors.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 3 &#8211;</B> The Company may suspend the services
of transfer and splitting of shares and certificates in accordance with the Shareholders&#8217; Meeting's determination, provided that
this suspension does not exceed ninety (90) intercalary days during the fiscal year or fifteen (15) consecutive days.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 6 &#8211; </B>The Company is authorized to increase
its share capital up to the limit of 19,000,000 (nineteen billion) shares, irrespective of an amendment to the By-laws, by resolution
of the Board of Directors, which shall resolve on the paying-up conditions, the characteristics of the shares to be issued and the issue
price, and shall establish whether the increase shall be carried out by public or private subscription.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Sole Paragraph &#8211;</B> The issuance of shares pursuant
to any special laws regarding fiscal incentives (art. 172, sole paragraph, of Law 6,404/76) shall not give rise to preemptive rights to
shareholders; provided, however, that shares subscribed with funds originated from fiscal incentives shall not carry preemptive rights
for subscription in connection with any issuance of shares after such subscription.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 7 &#8211; </B>The issuance of shares, debentures
convertible into shares and subscription bonds, the placement of which shall be made (i) by sale on the stock exchange; (ii) by public
subscription; or (iii) for share swap, in a public offering for acquisition of control which, under the terms of articles 257 and 263,
of Law 6,404/76, may be carried out with exclusion of the preemptive right or with reduction in the period which is addressed in article
171, paragraph 4 of Law 6,404/76.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 8 &#8211;</B> The Board of Directors may also,
within the limit of the authorized capital, (i) based on a plan approved by the Shareholders&#8217; Meeting, grant call options to management,
employees or individuals that render services to the Company or companies under its control; (ii) approve the capital increase by capitalizing
profits or reserves, with or without the issuance of new shares; and (iii) resolve on the issuance of subscription bonus or debentures
convertible into shares.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 9 &#8211; </B>Failure by the subscriber to pay
the subscribed value, on the conditions set forth in the bulletin or call shall cause it to be considered in default by operation of law,
for purposes of articles 106 and 107 of Law 6,404/76, subjecting it to the payment of the amount in arrears, adjusted for inflation according
to the variation in the General Market Price Index (IGP-M) in the shortest period permitted by law, in addition to interest at twelve
percent (12%) per year, <I>pro rata temporis</I>, and a fine corresponding to ten percent (10%) of the amount in arrears, duly updated.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>SHAREHOLDERS&#8217; MEETINGS</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 10 &#8211; </B>The Shareholders&#8217; Meeting
has the power to decide on all businesses related to the object of the Company and to take any resolutions it may deem advisable for its
protection and development.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 11 &#8211; </B>Shareholders&#8217; Meetings shall
be convened and presided over by the Chairman or one of the Co-Chairmen of the Board of Directors, as applicable, or person appointed
by them, who may designate up to two secretaries.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 12 &#8211; </B>Any resolutions of the Shareholders&#8217;
Meetings, except for the cases contemplated by law, shall be taken by an absolute majority of votes, excluding any blank votes.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 13 &#8211;</B> Annual Shareholders&#8217; Meetings
shall be held within the first four months after the end of the fiscal year, and shall decide on matters under their authority, as set
forth in law.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 14 &#8211; </B>Extraordinary Shareholders&#8217;
Meetings shall be held whenever the interests of the Company so require, as well as in the events established in law and in these By-laws.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>MANAGEMENT OF THE COMPANY</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 15 &#8211; </B>The Company shall be managed by
a Board of Directors and a Board of Executive Officers, pursuant to law and these By-laws.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1 &#8211; </B>The Shareholders&#8217; Meeting
shall establish the aggregate compensation of the Management, which shall be apportioned by the Board of Directors, as provided for in
article 21 hereof.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2 </B>&#8211; The management must adhere to the
Manual on Disclosure and Use of Information and Policy for the Trading with Securities Issued by the Company, by executing the Joinder
Agreement.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 3 </B>&#8211; The Board of Directors will be
composed, in its majority, by external members, that is, directors without current, employment or management relationship, with the Company,
who may or may not be considered independent members, observed the provisions of paragraph 5 of this article 15.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 4 </B>&#8211; The offices of Chairman or Co-Chairmen
of the Board of Directors, as applicable, and Chief Executive Officer of the Company may not be cumulated by the same person.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 5</B> - At least two members of the Board of
Directors of the Company will be Independent Directors, it being understood, for the purposes hereof, as Independent Directors those in
compliance with the following requirements:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">he/she must not be a Controlling Shareholder, or spouse
or relative up to second-degree thereof;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">he/she must not have been, for the last three years,
an employee or officer (i) of the Company or of a company controlled by the Company, or (ii) of the Controlling Shareholder or of a company
controlled thereby (&#8220;Jointly-Controlled Company&#8221;); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">he/she must not be a supplier or buyer, whether direct
or indirect, of services and/or products of the Company, of a company controlled by the Company, of the Controlling Shareholder or of
a Jointly Controlled Company, in all cases in magnitude which implies in the loss of independence; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">he/she must not be an employee or manager of a company
or entity which is offering or requesting services and/or products of the Company, of a company controlled by the Company, of the Controlling
Shareholder or of a Jointly Controlled Company, as per item (c) above;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">he/she must not be a spouse or relative up to second
degree of any manager of the Company, of a company controlled by the Company, of the Controlling Shareholder or of a Jointly Controlled
Company; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">he/she must not receive compensation by the Company,
by a company controlled by the Company, by the Controlling Shareholder or by a Jointly Controlled Company, except as a member of the Board
of Directors (cash provisions from capital interests are excluded from this restriction).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 2cm; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 6</B> - Directors elected pursuant to art. 141,
paragraphs 4 and 5, of Law 6,404/76 will also be considered Independent Directors, notwithstanding of complying with the independence
criteria provided in this article.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>BOARD OF DIRECTORS</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 16</B> &#8211; The Board of Directors shall be
composed of five (5) to eleven (11) sitting members, with two (2) to eleven (11) alternates, bound or not to a specific sitting Director,
and shall be elected by the Shareholders&#8217; Meeting and be dismissed thereby at any time, with a term of office of three (3) years,
reelection being permitted.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1- </B>Subject to the caption of this article,
the number of members that will make up the Board of Directors in each management period shall be previously established at each Shareholders&#8217;
Meeting whose agenda includes election of the members of the Board of Directors, and this matter shall be forwarded by the Chairman of
the Shareholders&#8217; Meeting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2</B> - The Board of Directors may determine
the creation of advisory committees formed in its majority by members of the Board of Directors, defining their respective composition
and specific duties.&nbsp; The rules of article 160 of Law No. 6,404/76&nbsp;shall apply to members of the advisory committees.&nbsp;
It will be incumbent upon said committees to analyze and discuss the issues defined as being within the scope of their duties, as well
as to formulate proposals and recommendations for deliberation by the Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 3- </B>The members of the Board of Directors
shall be invested in office upon the execution of the respective instrument, drawn up in the proper book, and shall remain in office until
they are replaced by their successors.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 4 - </B>The Director shall have an indisputable
reputation, and cannot be elected, unless waived by the Shareholders&#8217; Meeting, if it (i) occupies a position in companies that can
be considered as a competitor of the Company, or (ii) has or represents a conflicting interest with the Company; the voting rights of
the Director cannot be exercised by him/her in case the same impediment factors are configured.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 17</B> - The Board of Directors shall have one
Chairman or two (2) Co-Chairmen, as defined by the vote of the majority of its members, and, in the case of Co-Chairmen, this must be
done in a shared manner, with both Co-Chairmen having identical prerogatives and duties. The Chairman or Co-Chairmen of the Board of Directors,
as applicable, will be elected by a majority of the members of the Board of Directors, immediately after said members are invested in
office.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 18 </B>- The Board of Directors shall meet, ordinarily,
at least once each quarter and, extraordinarily, whenever necessary, upon call by the Chairman or any of its Co-Chairmen, as applicable,
or by the majority of its members, through letter, email, telegram or personally, with at least 24 (twenty-four) hours in advance.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 19 - </B>The Board of Directors shall be convened,
operate and pass valid resolutions by the favorable vote of the majority of its members present in the meeting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1</B> &#8211; The Directors may attend meetings
by telephone, videoconferencing, telepresence or by previously sending their votes in writing.&nbsp; In this case, the Director will be
considered to be present at a meeting in order to ascertain the quorum for declaring it open and voting, with this vote being deemed valid
for all legal effects, being included in minutes of such meeting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2 &#8211; </B>In the event of a tie in the resolutions
of the Board of Directors, neither the Chairman nor any of the Co-Chairmen, as applicable, shall have the casting vote, but only their
own personal votes.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 3 &#8211; </B>The Director shall not have access
to information or take part in meetings of the Board of Directors related to matters in which it has conflicting interests with the Company.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 20 - </B>In the case of permanent absence or impediment
of any Director, and if there is an alternate Director, the Board of Directors shall decide whether the alternate shall fill the vacant
office, or if the vacant office shall be filled by a substitute on a permanent basis; the substitute Director shall, in any case, complete
the term of office of the absent or impeded Director.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Sole Paragraph </B>&#8211; In the event of temporary absence
or impediment, the members of the Board of Directors shall be replaced by the respective alternates, or in the absence thereof, by another
Director appointed for such purpose by the absent Director. In this latter case, the Director that is replacing the absent or impeded
Director shall cast the vote of the absent Director in addition to his own vote.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 21 &#8211; </B>The Board of Directors shall resolve
on the matters listed below:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">establish the general direction of the Company's business,
approving the guidelines, corporate policies and basic objectives for all the main areas of performance of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">approve the annual investment budget of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">approve the three-year strategic plan of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">elect and dismiss the Company's Officers, and set their
attributions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">supervise the management of the Board of Executive Officers,
review at any time the books and documents of the Company, and request information regarding any acts executed or to be executed by the
Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">attribute, from the aggregate value of the compensation
established by the Shareholders&#8217; Meeting, the monthly fees of each of the members of the Company's Management; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">define the general criteria on compensation and benefit
policy (fringe benefits, participation in profits and/or sales) for the management and senior employees (namely, managers or employees
in equivalent direction positions) of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">appoint the Company's independent auditors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">resolve on the issue of shares and warrants, within the
limit of the authorized capital of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">provide a previous manifestation on the management's
report, the Board of Executive Officers' accounts, the financial statements for the fiscal year, and review the monthly balance sheets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">submit to the Shareholders&#8217; Meeting of the proposal
of allocation of the net profits for the year;&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">call the Annual Shareholders&#8217; Meeting and, whenever
it may deem advisable, the Extraordinary Shareholders&#8217; Meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">approve any business or agreements between the Company
and/or any of its controlled companies (except those fully controlled), management and/or shareholders (including any direct or indirect
partners of the Company's shareholders), without impairment of item &#8220;q&#8221; below;</FONT></TD></TR></TABLE>


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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">approve the creation, acquisition, assignment, transfer,
encumbering and/or disposal by the Company, in any way whatsoever, of shares, quotas and/or any securities issued by any company controlled
by the Company or associated to the Company; except in case of operations involving only the Company and companies fully controlled thereby
or in case of indebtedness operation, in which case the provisions of item &#8220;o&#8221; bellow shall apply;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">approve the contracting by the Company of any debt in
excess of ten percent (10%) of the Company's shareholders&#8217; equity reflected on the latest audited balance sheet; this amount shall
be considered per individual transaction or a series of related transactions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">approve the execution, amendment, termination, renewal
or cancellation of any contracts, agreements or similar instruments involving trademarks registered or deposited in the name of the Company
or any of its controlled companies; except (i) for the agreements entered into between the Company and its fully controlled companies,
or (ii) in the event of licensing of brands to be used in gifts, accessory materials connected to such brands, or disclosure in events,
or yet (iii) for agreements in which the licensing of brands is an accessory element to the execution of its main purpose (provided they
do not depend on the approval of the Board of Directors for any other reason provided in this article 21);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">approve the granting of loans and the rendering of guarantees
of any kind by the Company for amounts exceeding one percent (1%) of the shareholders&#8217; equity of the Company reflected on the latest
audited balance sheet, to any third party, except in favor of any companies controlled by the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">r)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">approve the execution by the Company of any long-term
agreements (i.e., agreements executed for a term exceeding one year), involving an amount in excess of five percent (5%) of the shareholders&#8217;
equity of the Company, as shown on the latest audited balance sheet; this amount shall be considered per individual transaction or a series
of related transactions, except in the case of agreements entered into between the Company and its fully controlled companies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">resolve on the Company's participation in other companies,
as well as on any participation in other undertakings, including through a consortium or special partnership, that involves (i) an amount
greater than five hundredths percent (0.05%) of the shareholders&#8217; equity of the Company, as shown in the latest audited balance
sheet, considered individual transaction; or (ii) any amount, once it is verified that the series of transactions with an amount equal
to or lower than the amount referred in item (i) has reached, within the same fiscal year, the global limit of seventy-five hundredths
percent (0.75%) of the shareholders&#8217; equity of the Company, as shown in the latest audited balance sheet;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">t)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">resolve on the suspension of the Company's activities,
except in the cases of stoppage for servicing of its equipment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">u)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">authorize the acquisition of shares of the Company to
be kept in treasury, be canceled or subsequently disposed of, as well as the cancellation and further sale of such shares, with due regard
for applicable law;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">resolve on the issuance of Trade Promissory Notes for
public distribution, pursuant to CVM Ruling No. 134;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">w)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">resolve, within the limits of the authorized capital,
on the issuance of convertible debentures, specifying the limit of the increase of capital arising from debentures conversion, by number
of shares, and the species and classes of shares that may be issued, under the terms of article 59 paragraph 2 of Law 6,404/76</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">authorize the disposal of fixed assets, excepted for
the ones mentioned in item &#8220;n&#8221; of this article, and the constitution of collateral in an amount greater than 1% (one percent)
of the shareholders&#8217; equity reflected in the latest audited balance sheet. This amount will be considered per individual transaction
or a series of related transactions;&nbsp;</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">y)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">perform the other legal duties assigned thereto at the
Shareholders&#8217; Meeting or in these By-laws; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">z)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">resolve on any cases omitted by these By-laws and perform
other attributions not conferred on another body of the Company by the law or these By-laws.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1 &#8211; </B>The decisions of the Board of Directors
shall be recorded in minutes, which shall be signed by those present in the meeting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2 &#8211; </B>Any favorable vote cast by a Company
representative in connection with any resolution on the matters listed above, in Shareholders&#8217; Meetings and in other corporate bodies
of the companies controlled by the Company, either directly or indirectly, shall be conditional on the approval of the Board of Directors
of the Company.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>BOARD OF EXECUTIVE OFFICERS</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 22</B> &#8211; The Board of Executive Officers
shall be composed of two (2) to fifteen (15) members, shareholders or not, of whom (i) one shall be the Chief Executive Officer (ii) one
shall be the Commercial Vice President Officer, (iii) one shall be the Sales Vice President Officer, (iv) one shall be the People and
Management Vice President Officer, (v) one shall be the Logistics Vice President Officer, (vi) one shall be the Marketing Vice President
Officer, (vii) one shall be the Industrial Vice President Officer, (viii) one shall be the Chief Financial and Investor Relations Officer,
(ix) one shall be the Legal Vice President Officer, (x) one shall be the Non-Alcoholic Beverages Vice President Officer, (xi) one shall
be the Compliance Vice President Officer, and (xii) one shall be the Information Technology Vice President Officer and (xiii) the remaining
Officers shall have no specific designation; all of whom shall be elected by the Board of Directors, and may be removed from office by
it at any time, and shall have a term of office of three (3) years, reelection being permitted.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1 &#8211; </B>Should a position of Executive
Officer become vacant or its holder be impeded, it shall be incumbent upon the Board of Directors to elect a new Executive Officer or
to appoint an alternate, in both cases determining the term of office and the respective remuneration.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2 &#8211; </B>It is incumbent upon the Executive
Board to exercise the prerogatives that the law, the By-laws and the Board of Directors confer upon it for the performance of the actions
required for the Company to function normally.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 3 &#8211; </B>The Executive Officers shall be
invested in office upon the execution of the respective instrument, drawn up in the proper book, and shall remain in office until their
successors are vested in office.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 23 &#8211; </B>The Executive Board, whose presidency
will be held by the Chief Executive Officer, shall meet as necessary, it being incumbent upon the Chief Executive Officer to call and
to be the chairman of the meeting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 24 &#8211; </B>It is the Chief Executive Officer&#8217;s
responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">submit the annual work plans and budgets, investment
plans and new Company expansion programs to the Board of Directors for approval, causing them to be carried out, pursuant to their approval;
</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">formulate the Company&#8217;s operating strategies and
guidelines, as well as establishing the criteria for executing the resolutions of the Shareholders&#8217; Meetings and of the Board of
Directors, with the participation of the other Executive Officers; </FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">supervise all the Company&#8217;s activities, providing
the guidelines best suited to its corporate purpose; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">coordinate and oversee the activities of the Board of
Executive Officers; and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">exercise the other prerogatives conferred upon it by
the Board of Directors. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 25 &#8211; </B>It is the Commercial Vice President
Officer&#8217;s responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify">a) &#9;be responsible for the direction, strategic
planning and control of the Company's &#9;sales and marketing areas; and</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify">b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercise
the other prerogatives conferred upon it by the Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 26 &#8211; </B>It is the Sales Vice President Officer&#8217;s
responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">develop the strategic sales planning of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">be responsible for the management of the commercial team
and develop and implement an action model for the sector; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">exercise the other prerogatives conferred upon it by
the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 2cm; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 27 &#8211; </B>It is the People and Management
Vice President Officer&#8217;s responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">organize and manage the Company&#8217;s human resources;
and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">exercise the other prerogatives conferred upon it by
the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 2cm; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 28 - </B> It is the Logistics Vice President Officer&#8217;s
responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">establish, manage and be responsible for the pre-production
and post-production distribution and logistics strategy of the Company; and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">exercise the other prerogatives conferred upon it by
the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 29 - </B> It is the Marketing Vice President Officer&#8217;s
responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">be responsible for the direction, planning and control
of the marketing area of the Company; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">exercise the other prerogatives conferred upon it by
the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 30 &#8211; </B>It is the Industrial Vice President
Officer&#8217;s responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">manage the branches, warehouses, industrial plants and
other units of the Company related to its industrial production; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">exercise the other prerogatives conferred upon it by
the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 31 &#8211; </B>It is the Chief Financial and Investor
Relations Officer&#8217;s responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">manage and respond for the budget control of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">provide managerial and financial information;</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">be responsible for the control over the cash flow and
financial investments of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">provide any and all information to investors, to the
Brazilian Securities and Exchange Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>) and to B3 S.A. - Brasil, Bolsa, Balc&atilde;o;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">maintain the registration of the Company as an openly
held company updated; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">exercise the other prerogatives conferred upon it by
the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 2cm; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 32 - </B> It is the Legal Vice President Officer
responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">establish, manage and coordinate the legal strategy adopted
by the Company, and to supervise its judicial and administrative proceedings;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri,sans-serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">be responsible for the Company&#8217;s corporate documents;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">exercise the other prerogatives conferred upon it by
the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 2cm; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 33 &#8211; </B>It is the Non-Alcoholic Beverages
Vice President Officer&#8217;s responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">coordinate and supervise the non-alcoholic and non-carbonated
drinks sector, and establish its planning strategy; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">exercise the other prerogatives conferred upon it by
the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 2cm; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 34 &#8211; </B>It is the Compliance Vice President
Officer&#8217;s responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">implement, manage and operationalize the Company's compliance
program, ensuring compliance, effectiveness and continuous improvement;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">investigate any allegations of violations to the Company's
compliance program; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">exercise the other prerogatives conferred upon it by
the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1 </B>&#8211; It is granted to the Compliance
Vice-President Officer, in the exercise of his/her duties, direct access to the Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 35 &#8211; </B>It is the Information Technology
Vice President Officer&#8217;s responsibility to:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">respond for the direction, planning and control of the
information technology sector of the Company; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">exercise the other prerogatives conferred upon it by
the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0 0 0 2cm; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 36</B> &#8211; It is incumbent upon the other Executive
Officers to exercise the prerogatives conferred upon them by means of a Meeting of the Board of Directors, which may establish specific
titles for their positions.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 37 - </B>The Documents involving the Company in
any commercial, banking, financial or equity liability, such as agreements in general, check endorsements, promissory notes, bills of
exchange, trade bills and any credit instruments, debt acknowledgments, granting of <I>aval&nbsp;</I> guarantees and sureties, credit
facility agreements, acts performed by branches, <I>ad negocia </I>and <I>ad judicia </I>powers of attorney, and any other acts creating
any liability for the Company or</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">waiving third-party obligations or obligations to the Company,
shall be valid upon the signature of two members of the Executive Board.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1 </B>&#8211; The representation of the Company
in the aforementioned documents may be delegated to an attorney-in-fact, and such documents may be executed by an Attorney-in-Fact in
conjunction with an Officer, or by two Attorneys-in-Fact, jointly, provided that the instruments of power of attorney appointing these
attorneys-in-fact are executed by two Officers.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2 -</B> The Company shall be represented, individually,
by any of the Officers or by a duly appointed Attorney-in-Fact, as regards receipt of service of process or judicial notices and rendering
of personal deposition.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 38 &#8211;</B> The Company shall have a Fiscal
Council, on a permanent basis, composed of three (3) to five (5) members and an equal number of alternates. All of its members shall be
elected at a Shareholders&#8217; Meeting and by it removed at any time. Their term of office shall expire at the Annual Shareholders&#8217;
Meeting to be held following their election, reelection being permitted.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1</B> &#8211; In order for the Fiscal Council
to function, the majority of its members must attend its meeting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2 -&nbsp;</B> It shall be incumbent upon the
Fiscal Council to elect its Chairman in the first meeting to be held after its instatement.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 3&nbsp;</B> - In addition to the duties conferred
to it by these By-laws and by law, the Fiscal Council shall establish in its Internal Regiment the procedures for receiving, recording
and treating complaints received in connection with accounting, internal accounting controls and matters related with the auditing of
the Company, as well as any other communication received on such matters.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 4</B> - The provisions of Paragraph 2 of article
15 of these By-laws apply to the members of the Fiscal Council.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 39 &#8211; </B>The compensation of the Fiscal Council's
members shall be established by the Shareholders&#8217; Meeting that elects them.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>FISCAL YEAR, BALANCE SHEET AND RESULTS</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 40 &#8211; </B>The fiscal year shall have the duration
of one year and shall end on the last day of December of each year.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 41 - </B>At the end of each fiscal year, the financial
statements determined by law shall be drawn up in accordance with the Company's bookkeeping.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1 &#8211; </B>The Board of Directors may resolve
to draw up half-yearly balance sheets or for shorter periods, and approve the distribution of dividends and/or interest on net equity
based on the profits ascertained in such balance sheets, subject to the provisions set forth in Article 204 of Law No. 6,404/76.</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2 &#8211; </B>At any time, the Board of Directors
may also resolve on the distribution of interim dividends and/or interest on net equity based on the accrued profits or existing profits
reserves presented in the latest yearly or half-yearly balance sheet.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 3 &#8211; </B>The interim dividends and interest
on net equity shall always be considered as an advance on the minimum mandatory dividends.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 42</B> - From the profits ascertained in each year,
accumulated losses and a provision for income tax shall be deducted prior to any other distribution. &nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1 &#8211; </B>Over the amount ascertained as
provided for in the caption of this article, it will be calculated:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the statutory participation of the Company&#8217;s employees
up to the maximum limit of 10% (ten percent), to be distributed according to the parameters to be established by the Board of Directors;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">the statutory participation of the management, up to
the maximum legal limit.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2 &#8211; </B>Over the amount ascertained as
provided for in the caption of this article, it may be calculated, in addition, up to the limit of 10% (ten percent), a contribution for
the purpose of meeting the charges of the assistance foundation for employees and management of the Company and its controlled companies,
with due regard for the rules established by the Board of Directors to this effect.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 3 &#8211; </B>The following allocations shall
be made from the net income of the fiscal year, obtained after the deductions dealt with in the previous paragraphs:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">five percent (5%) shall be allocated to the legal reserve,
up to twenty percent (20%) of the paid-in capital stock or the limit established in article 193, paragraph 1 of Law No. 6,404/76;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">from the balance of the net profit of the fiscal year,
obtained after the deduction mentioned in item (a) of this article and adjusted pursuant to article 202 of Law No. 6,404/76, forty percent
(40%) shall be allocated to pay the mandatory dividend to all its shareholders; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman,serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">an amount not greater than sixty percent (60%) of the
adjusted net profits shall be allocated to the formation of an Investment Reserve, for the purpose of financing the expansion of the activities
of the Company and its controlled companies, including through subscription of capital increases or the creation of new business developments.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 4 &#8211; </B>The reserve set out in item (c)
of paragraph 3 of this article may not exceed eighty percent (80%) of the capital stock. Upon reaching this limit, the Shareholders&#8217;
Meeting shall resolve either to distribute the balance to the shareholders or increase the Company&#8217;s corporate capital.</P>

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

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>LIQUIDATION, WINDING-UP AND EXTINGUISHMENT</B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 43 &#8211; </B>The Company shall be liquidated,
wound up and extinguished in the cases contemplated by law or by resolution of the Shareholders&#8217; Meeting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1 &#8211; </B>The manner of liquidation shall
be determined at a Shareholders&#8217; Meeting, which shall also elect the Fiscal Council that will function during the liquidation period.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2 - </B>The Board of Directors shall appoint
the liquidator, establish its fees and determine the guidelines for its operation.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;<B>Article 44 &#8211; </B>The dividends attributed to
the shareholders shall be paid within the legal time frames, and monetary adjustment and/or interest shall only be assessed if so determined
by the Shareholders&#8217; Meeting.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Sole Paragraph &#8211; </B>The dividends not received or
claimed shall become time-barred within three years from the date on which they were made available to the shareholder and shall revert
to the benefit of the Company.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 45 &#8211;</B> The Company shall comply with the
shareholders' agreements registered as provided for in article 118 of Law No. 6,404/76.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Article 46 &#8211; </B>The Company will provide the members
of the Board of Directors, of the Board of Executive Officers and of the Fiscal Council, or the members of any corporate bodies with technical
functions set up to advise the managers, a legal defense in lawsuits and administrative proceedings filed by third parties during or after
their respective terms of office, for acts performed during the exercise of their functions, including through a permanent insurance policy,
shielding them against liability for acts arising from the exercise of their positions or functions, including the payment of court costs,
legal fees, indemnifications and any other amounts arising from such proceedings.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 1 &#8211; </B>The guarantee set forth in the
caption of this article extends to employees working regularly to comply with powers-of-attorneys granted by the Company or the subsidiaries
controlled by the Company.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><B>Paragraph 2 &#8211; </B>If any of the persons mentioned
in the caption or in Paragraph 1 of this article be sentenced by a final court decision due to negligent or criminal conduct, the Company
must be reimbursed by such person for all costs and expenses disbursed on legal assistance, as set forth by law.&#8221;</P>

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

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify"><I>* These Bylaws were approved at the Company's Ordinary
and Extraordinary Shareholders' Meeting held on April 29, 202<FONT STYLE="color: blue">2</FONT><FONT STYLE="color: #C00000"><STRIKE>1</STRIKE></FONT>.</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

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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;March 29, 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>
<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">



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